Press Releases 2007 (The former Furukawa-Sky)

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Announcement Regarding Change in Accounting Auditor

May 10, 2007

At the Board of Directors' meeting held on May 10, 2007, the decision was made to submit a resolution dealing with the appointment of the Accounting Auditor at the 4th general shareholders meeting to be held June 22, 2007. With regard to the presentation of this resolution at the general shareholders meeting, approval was sought and obtained from the Board of Corporate Auditors. The details of the resolution are as follows:

  1. Reasons for the change:
    Pursuant to our previous Accounting Auditor, MISUZU Audit Corporation (formerly known as ChuoAoyama PricewaterhouseCoopers), having received on May 10, 2006, an order of suspension from the Financial Services Agency for a period of two months (July 1, 2006 to August 31, 2006), at the 3rd general shareholders meeting of the Company held on June 28, 2006, both Nihombashi Corporation Certified Public Accountants and MISUZU Audit Corporation were appointed as the Accounting Auditors of the Company (with MISUZU Audit Corporation's appointment going into effect on September 1, 2006, after having served the previously cited suspension).
    Recently, because both Nihombashi Corporation Certified Public Accountants and MISUZU Audit Corporation have filed applications to resign from their Accounting Auditor appointments at the conclusion of the Company's 4th general shareholders meeting (scheduled for June 22, 2007), at the Board of Directors' meeting held May 10, 2007, the decision was made to present a resolution at the general shareholders meeting. This resolution seeks to have Ernst & Young ShinNihon appointed as the replacement Accounting Auditor.
  2. Names and locations of resigning Accounting Auditors:
    Name: Nihombashi Corporation Certified Public Accountants
    Location: 3-2-9, Nihonbashi, Chuo-ku, Tokyo
    Name: MISUZU Audit Corporation
    Location: 3-2-5, Kasumigaseki, Chiyoda-ku, Tokyo
  3. Name and location of Accounting Auditor whose appointment is planned:
    Name: Ernst & Young ShinNihon
    Location: 2-2-3, Uchisaiwai-cho, Chiyoda-ku, Tokyo
  4. Planned date of change:
    June 22, 2007