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Takeover Defense Measures

At the meeting of our board of directors held on May 7, 2007, We (the "Company") determined a basic policy determining which person(s) should have control over decisions affecting the Company's financial and business policies (the "Basic Policy") and adopted the Policy toward Bulk Purchase of Shares and Other Securities of Akebono Brake Industry Co., Ltd. (Take-over Defense Plan) (the "Plan") in an effort to prevent the Company's financial and business policies from being controlled by any person(s) deemed inappropriate in accordance with the Basic Policy. This was approved by shareholders at the Company's 106th annual general meeting of shareholders held on June 21, 2007. The continuance of the Plan has been also approved by shareholders at the Company's annual general meetings of shareholders held after the said general meeting of shareholders.

The Company has carefully considered what to do with the Plan when its effective period expires upon the conclusion of the Company's 119th annual general meeting of Shareholders. After considerable discussion, the board of directors of the Company has resolved at its meeting held today on May 19, 2020 to discontinue the Plan based on the judgment that the necessity of the Plan has become relatively low from an overall perspective including the changes in the business environment surrounding the Company and the recent changes in the external environment surrounding takeover defense measures.

In case a purchaser seeks to acquire a substantial shareholding of the Company, we will continue to take appropriate actions to the extent permitted by the Financial Instruments and Exchange Act, the Companies Act and other applicable laws and regulations by making efforts to ensure that our shareholders have time and information for their consideration by requesting any purchaser to provide information necessary and sufficient for our shareholders to make appropriate judgments on the bulk purchase of shares and other securities and sharing the opinions of the board of directors of the Company, and will continue to make efforts to secure and enhance corporate value and the common interests of the shareholders of the Company.