LOS ANGELES, Calif. & TOKYO, Japan \u2013 Dalton Investments issued the following letter to the directors of portfolio companies urging them to implement or accelerate share buybacks programs in order to take advantage of the recent historic decline in Japanese equites.<\/p>\n\n\n\n
Dear Board of Directors,<\/p>\n\n\n\n
Thank you for your unwavering dedication to enhancing our corporate value and for consistently offering generous opportunities for dialogue with shareholders.<\/p>\n\n\n\n
As you see, we are currently experiencing a rapid appreciation of the yen and a significant drop in stock prices, triggered by following the recent monetary policy changes by the Bank of Japan and the release of U.S. employment statistics. Today, we would like to share with you our observations on the current situation, outline our policies, and present a few items for your consideration.<\/p>\n\n\n\n
Despite the unusual magnitude of this market plunge, we see it not as a setback, but rather an excellent opportunity for you to accelerate your efforts to enhance your corporate value. We are writing to urge you to take prompt action to seize this opportunity. We kindly request that your Board of Directors consider and make decisions regarding the points outlined in this letter.<\/p>\n\n\n\n
The August 2 U.S. employment data, indicating that the economy had entered a recessionary phase, contributed significantly to the global stock market correction, including in Japan. Additionally, the U.S. economic correction exerted pressure on Japanese corporate earnings and stocks through lower interest rates in the U.S. narrowing of the interest rate differential between Japan and the U.S., and the appreciation of the yen. Therefore, the particularly large impact on the Japanese stock market is explainable from a fundamental perspective. The fact that last week\u2019s decline in the Japanese market was led by large shareholders also supports the fundamental analysis.<\/p>\n\n\n\n
However, the further plunge on Monday was a major departure from the aforementioned fundamental factors. The selloff extended broadly to small and mid-cap stocks, including companies that should have benefited from the strong yen. This situation is indicative of numerous margin calls and semi-mandatory position unwinds due to mounting losses in various market transactions. It appears that many leveraged trades had accumulated over the past week, regardless of the type of entity or transaction format. These included carry trades based on the assumption of continued low yen interest rates, margin buying by retail investors, and institutional investors shorting volatility. We understand that the unwinding of these leveraged transactions is occurring in response to the recent monetary policy and employment data releases.<\/p>\n\n\n\n
In retrospect, the low-risk, high-return market environment of the past few years has been a comfortable yet complacent environment for many market participants. This environment has encouraged the use of leverage, resulting in a market structure that is vulnerable to sudden changes.<\/p>\n\n\n\n
Although our portfolio has been significantly impacted in terms of market value, we do not need to “unwind” our positions as others have. We are proud to be long-term investors who share the same time horizon as you and your management, and we do not use leverage in any of our investments.<\/p>\n\n\n\n
Furthermore, all of our investees possess strong business competitiveness, excellent management capabilities, and solid financial foundations that are resilient to changes in the business environment, such as yen appreciation and rising interest rates. We do not believe that a major review of our investment policy is necessary.<\/p>\n\n\n\n
Thankfully, our clients also understand our philosophy of long-term investment. With their backing, we view market corrections that extend beyond fundamental factors, such as the current one, as opportunities to further build up our investments.<\/p>\n\n\n\n
As you might easily guess from our many years of investment and dialogue, we strongly urge you to consider implementing a share buyback. For companies that have already established and are operating a share buyback program, we recommend taking full advantage of this unique opportunity to accelerate corporate value enhancement by expanding your share buyback program.<\/p>\n\n\n\n
In principle, we believe that profits generated from business operations should ideally be reinvested into the business to foster future profit growth, and that the best way to return profits to shareholders during normal times is by consistently increasing dividends. However, the current market turmoil has caused your company’s stock price to become even more undervalued. Under these circumstances, we propose a share buyback that would (1) have a positive signaling effect on the market, (2) increase corporate value by improving earnings per share, and (3) reduce the future dividend burden by decreasing the total number of shares outstanding.<\/p>\n\n\n\n
We are not proposing a specific amount or number of shares at this time. In today’s environment, it is crucial to take immediate action, even if it is a small amount, to demonstrate the confidence of the board in your company’s business, finances, and stock price level. Such action will offer immeasurable peace of mind to shareholders and lay the foundation for confidence in your company’s management for many years to come.<\/p>\n\n\n\n
We look forward to discussing this letter with you at the next Board of Directors meeting and anticipate your favorable response. If you have any questions, please feel free to contact any member of the Dalton Advisory KK.<\/p>\n\n\n\n
Please note that the below is a Japanese translation of the above letter that Dalton Investments sent in English, provided as a courtesy. In the event of any inconsistency between the English language version and the Japanese language version, the meaning of the English language version shall prevail.<\/u><\/em><\/strong><\/p>\n\n\n\n \u53d6\u7de0\u5f79\u4f1a\u3000\u5fa1\u4e2d<\/p>\n\n\n\n \u3000\u89aa\u611b\u306a\u308b\u53d6\u7de0\u5f79\u306e\u7686\u69d8\u3001\u65e5\u9803\u3088\u308a\u4e0d\u65ad\u306e\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u3078\u306e\u53d6\u308a\u7d44\u307f\u3092\u9802\u304d\u3001\u307e\u305f\u682a\u4e3b\u306b\u5bfe\u3057\u3066\u60dc\u3057\u307f\u306a\u3044\u5bfe\u8a71\u306e\u6a5f\u4f1a\u3092\u8cdc\u308a\u3001\u8aa0\u306b\u3042\u308a\u304c\u3068\u3046\u3054\u3056\u3044\u307e\u3059\u3002<\/p>\n\n\n\n \u3054\u9ad8\u89a7\u306e\u901a\u308a\u3001\u76f4\u8fd1\u306e\u65e5\u9280\u306b\u3088\u308b\u91d1\u878d\u653f\u7b56\u53ca\u3073\u7c73\u56fd\u96c7\u7528\u7d71\u8a08\u306e\u767a\u8868\u3092\u6a5f\u306b\u3001\u91d1\u878d\u5e02\u5834\u306f\u5186\u9ad8\u3068\u682a\u4fa1\u6025\u843d\u306e\u540c\u6642\u9032\u884c\u306e\u6700\u4e2d\u306b\u3042\u308a\u307e\u3059\u3002\u672c\u65e5\u306f\u73fe\u6cc1\u306b\u3064\u3044\u3066\u306e\u79c1\u5171\u306e\u6240\u898b\u3068\u65b9\u91dd\u3001\u304b\u3064\u3054\u7d4c\u55b6\u8005\u306e\u7686\u69d8\u306b\u3054\u691c\u8a0e\u3044\u305f\u3060\u304d\u305f\u3044\u4e8b\u9805\u3092\u304a\u4f1d\u3048\u3057\u307e\u3059\u3002\u4eca\u56de\u306e\u5e02\u5834\u306e\u6025\u843d\u306f\u7a00\u306b\u307f\u308b\u898f\u6a21\u3067\u3059\u304c\u3001\u3053\u308c\u306f\u7686\u69d8\u306b\u3068\u3063\u3066\u306f\u30d4\u30f3\u30c1\u3067\u306f\u306a\u304f\u3001\u3080\u3057\u308d\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u306e\u53d6\u308a\u7d44\u307f\u3092\u52a0\u901f\u3059\u308b\u7d76\u597d\u306e\u597d\u6a5f\u3068\u79c1\u5171\u306f\u8003\u3048\u307e\u3059\u3002\u6295\u8cc7\u5148\u306e\u7686\u69d8\u306b\u306f\u597d\u6a5f\u3092\u9003\u3059\u3053\u3068\u306a\u304f\u8fc5\u901f\u306a\u884c\u52d5\u3092\u63a1\u3063\u3066\u9802\u304d\u305f\u304f\u3001\u672c\u30ec\u30bf\u30fc\u3092\u304a\u9001\u308a\u3044\u305f\u3057\u307e\u3059\u3002\u672c\u7a3f\u306b\u3064\u3044\u3066\u53d6\u7de0\u5f79\u4f1a\u3067\u691c\u8a0e\u30fb\u610f\u601d\u6c7a\u5b9a\u3044\u305f\u3060\u3051\u307e\u3059\u3088\u3046\u304a\u9858\u3044\u7533\u3057\u4e0a\u3052\u307e\u3059\u3002<\/p>\n\n\n\n \u666f\u6c17\u5f8c\u9000\u5c40\u9762\u5165\u308a\u3092\u793a\u5506\u3057\u305f8\u67082\u65e5\u306e\u7c73\u56fd\u96c7\u7528\u7d71\u8a08\u305d\u306e\u3082\u306e\u306f\u65e5\u672c\u306b\u9650\u3089\u305a\u4e16\u754c\u682a\u5f0f\u5e02\u5834\u306e\u8abf\u6574\u8981\u56e0\u3067\u3057\u305f\u304c\u3001\u52a0\u3048\u3066\u7c73\u56fd\u306e\u666f\u6c17\u8abf\u6574\u306f\u540c\u56fd\u306e\u91d1\u5229\u4f4e\u4e0b\u2192\u65e5\u7c73\u9593\u306e\u91d1\u5229\u5dee\u7e2e\u5c0f\u2192\u5186\u9ad8\u3068\u3044\u3046\u7d4c\u8def\u3067\u3082\u65e5\u672c\u4f01\u696d\u306e\u696d\u7e3e\u3084\u682a\u4fa1\u306b\u30d7\u30ec\u30c3\u30b7\u30e3\u30fc\u3092\u4e0e\u3048\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u3068\u308a\u308f\u3051\u65e5\u672c\u682a\u5f0f\u5e02\u5834\u306e\u5f71\u97ff\u304c\u5927\u304d\u3044\u3053\u3068\u3082\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306e\u89b3\u70b9\u304b\u3089\u8aac\u660e\u304c\u3064\u304f\u3082\u306e\u3067\u3057\u305f\u3002\u5148\u9031\u306e\u65e5\u672c\u5e02\u5834\u306e\u682a\u4fa1\u4e0b\u843d\u304c\u5927\u578b\u682a\u4e3b\u5c0e\u3067\u3042\u3063\u305f\u3053\u3068\u3068\u3082\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u5206\u6790\u3092\u652f\u6301\u3059\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n \u3057\u304b\u3057\u6708\u66dc\u65e5\u306e\u66f4\u306a\u308b\u6025\u843d\u306f\u4e0a\u8a18\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u8981\u56e0\u3092\u5927\u304d\u304f\u9038\u8131\u3057\u305f\u3082\u306e\u3067\u3042\u308a\u3001\u30bb\u30eb\u30aa\u30d5\u306e\u5bfe\u8c61\u3082\u5e83\u304f\u4e2d\u5c0f\u578b\u682a\u3084\u5186\u9ad8\u306e\u6069\u6075\u3092\u53d7\u3051\u308b\u306f\u305a\u306e\u4f01\u696d\u306b\u307e\u3067\u5e45\u5e83\u304f\u6ce2\u53ca\u3057\u307e\u3057\u305f\u3002\u3053\u308c\u306f\u5e02\u5834\u306e\u69d8\u3005\u306a\u53d6\u5f15\u306b\u304a\u3044\u3066\u640d\u5931\u306e\u62e1\u5927\u306b\u4f34\u3046\u30de\u30fc\u30b8\u30f3\u30b3\u30fc\u30eb\u3068\u534a\u5f37\u5236\u7684\u306a\u30dd\u30b8\u30b7\u30e7\u30f3\u89e3\u6d88\u304c\u5927\u91cf\u767a\u751f\u3057\u305f\u969b\u306b\u7279\u5fb4\u7684\u306a\u72b6\u6cc1\u3067\u3059\u3002\u5186\u306e\u4f4e\u91d1\u5229\u7d99\u7d9a\u3092\u524d\u63d0\u3068\u3057\u305f\u30ad\u30e3\u30ea\u30fc\u30c8\u30ec\u30fc\u30c9\u3001\u30ea\u30c6\u30fc\u30eb\u6295\u8cc7\u5bb6\u306b\u3088\u308b\u4fe1\u7528\u8cb7\u3044\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u30b7\u30e7\u30fc\u30c8\u3059\u308b\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306a\u3069\u3001\u4e3b\u4f53\u3084\u53d6\u5f15\u5f62\u614b\u306f\u7570\u306a\u308c\u3069\u591a\u304f\u306e\u30ec\u30d0\u30ec\u30c3\u30b8\u53d6\u5f15\u304c\u5148\u9031\u6642\u70b9\u3067\u7a4d\u307f\u3042\u304c\u3063\u3066\u304a\u308a\u3001\u91d1\u878d\u653f\u7b56\u3084\u96c7\u7528\u7d71\u8a08\u306e\u767a\u8868\u3092\u304d\u3063\u304b\u3051\u306b\u305d\u306e\u5dfb\u304d\u623b\u3057\u304c\u8d77\u3053\u3063\u3066\u3044\u308b\u72b6\u6cc1\u3068\u63a8\u5bdf\u3057\u307e\u3059\u3002<\/p>\n\n\n\n \u632f\u308a\u8fd4\u3063\u3066\u307f\u308c\u3070\u904e\u53bb\u6570\u5e74\u306e\u4f4e\u30ea\u30b9\u30af\u30fb\u9ad8\u30ea\u30bf\u30fc\u30f3\u306a\u5e02\u5834\u74b0\u5883\u306f\u591a\u304f\u306e\u5e02\u5834\u53c2\u52a0\u8005\u306b\u3068\u3063\u3066\u5fc3\u5730\u3088\u3044\u306c\u308b\u307e\u6e6f\u3067\u3042\u308a\u3001\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u6d3b\u7528\u3057\u305f\u30ea\u30bf\u30fc\u30f3\u62e1\u5927\u3092\u8a98\u5f15\u3057\u3001\u7d50\u679c\u3068\u3057\u3066\u5e02\u5834\u306e\u5909\u5316\u306b\u5bfe\u3057\u3066\u8106\u5f31\u306a\u69cb\u9020\u306b\u306a\u3063\u3066\u3057\u307e\u3063\u305f\u69d8\u3067\u3059\u3002<\/p>\n\n\n\n \u3053\u306e\u69d8\u306a\u74b0\u5883\u3067\u79c1\u5171\u306e\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3082\u6642\u4fa1\u8a55\u4fa1\u984d\u3068\u3044\u3046\u70b9\u3067\u306f\u76f8\u5f53\u306e\u5f71\u97ff\u3092\u3046\u3051\u3066\u3044\u308b\u3082\u306e\u306e\u3001\u4e0a\u8a18\u306b\u8a18\u8f09\u3057\u305f\u3088\u3046\u306a\u300c\u30dd\u30b8\u30b7\u30e7\u30f3\u89e3\u6d88\u300d\u306e\u5fc5\u8981\u306b\u8feb\u3089\u308c\u3066\u306f\u304a\u308a\u307e\u305b\u3093\u3002\u79c1\u5171\u306f\u3054\u7d4c\u55b6\u8005\u306e\u7686\u69d8\u3068\u6642\u9593\u8ef8\u3092\u5171\u6709\u3059\u308b\u9577\u671f\u6295\u8cc7\u5bb6\u3067\u3042\u308b\u3068\u81ea\u8ca0\u3057\u3066\u304a\u308a\u3001\u4e00\u5207\u6295\u8cc7\u306b\uff08\u30dd\u30b8\u30b7\u30e7\u30f3\u89e3\u6d88\u306e\u539f\u56e0\u3067\u3042\u308b\uff09\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u7528\u3044\u3066\u304a\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n \u52a0\u3048\u3066\u79c1\u5171\u306e\u6295\u8cc7\u5148\u306f\u3044\u305a\u308c\u3082\u5186\u9ad8\u3084\u91d1\u5229\u4e0a\u6607\u3068\u3044\u3063\u305f\u74b0\u5883\u5909\u5316\u306b\u5bfe\u3057\u3066\u8010\u6027\u306e\u3042\u308b\u5f37\u3044\u4e8b\u696d\u7af6\u4e89\u529b\u3068\u7d4c\u55b6\u529b\u3001\u305d\u3057\u3066\u5f37\u56fa\u306a\u8ca1\u52d9\u57fa\u76e4\u3092\u6709\u3057\u3066\u304a\u3089\u308c\u307e\u3059\u3002\u6539\u3081\u3066\u5927\u304d\u306a\u904b\u7528\u65b9\u91dd\u306e\u898b\u76f4\u3057\u306f\u5fc5\u8981\u306a\u3044\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n \u307e\u305f\u3001\u3042\u308a\u304c\u305f\u3044\u3053\u3068\u306b\u79c1\u5171\u306e\u9867\u5ba2\u3082\u9577\u671f\u6295\u8cc7\u306e\u54f2\u5b66\u3092\u3054\u7406\u89e3\u3044\u305f\u3060\u3044\u3066\u304a\u308a\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306a\u591a\u304f\u306e\u9867\u5ba2\u306b\u652f\u3048\u3089\u308c\u3001\u3080\u3057\u308d\u73fe\u5728\u306e\u3088\u3046\u306a\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u8981\u56e0\u3092\u8d85\u3048\u305f\u5e02\u5834\u8abf\u6574\u306b\u304a\u3044\u3066\u6295\u8cc7\u3092\u7a4d\u307f\u5897\u3059\u6a5f\u4f1a\u3092\u4f3a\u3063\u3066\u304a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n \u9577\u5e74\u306e\u6295\u8cc7\u3068\u5bfe\u8a71\u304b\u3089\u79c1\u5171\u306e\u8003\u3048\u306f\u5bb9\u6613\u306b\u60f3\u50cf\u3055\u308c\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u79c1\u5171\u304c\u53d6\u7de0\u5f79\u306e\u7686\u69d8\u306b\u662f\u975e\u3054\u691c\u8a0e\u3044\u305f\u3060\u304d\u305f\u3044\u306e\u306f\u81ea\u5df1\u682a\u8cb7\u3044\u3067\u3059\u3002\u3059\u3067\u306b\u81ea\u793e\u682a\u8cb7\u3044\u306e\u67a0\u3092\u78ba\u4fdd\u3057\u904b\u7528\u3055\u308c\u3066\u3044\u308b\u4f1a\u793e\u306b\u7f6e\u304b\u308c\u307e\u3057\u3066\u3082\u3001\u305d\u306e\u67a0\u3092\u62e1\u5927\u3059\u308b\u3053\u3068\u306b\u3088\u3063\u3066\u3001\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u3092\u52a0\u901f\u3059\u308b\u5343\u8f09\u4e00\u9047\u306e\u6a5f\u4f1a\u3092\u5b58\u5206\u306b\u751f\u304b\u3057\u3066\u3044\u305f\u3060\u304d\u305f\u304f\u5b58\u3058\u307e\u3059\u3002<\/p>\n\n\n\n \u79c1\u5171\u306f\u539f\u5247\u3068\u3057\u3066\u3001\u4e8b\u696d\u304b\u3089\u751f\u307f\u51fa\u3055\u308c\u305f\u5229\u76ca\u306f\u5c06\u6765\u306e\u66f4\u306a\u308b\u5229\u76ca\u6210\u9577\u3092\u751f\u307f\u51fa\u3059\u4e8b\u696d\u3078\u306e\u518d\u6295\u8cc7\u306b\u5145\u3066\u3089\u308c\u308b\u4e8b\u304c\u6700\u3082\u671b\u307e\u3057\u304f\u3001\u307e\u305f\u5e73\u6642\u306b\u304a\u3051\u308b\u682a\u4e3b\u9084\u5143\u306f\u7d99\u7d9a\u7684\u306a\u5897\u914d\u304c\u738b\u9053\u3068\u8003\u3048\u307e\u3059\u3002\u3057\u304b\u3057\u306a\u304c\u3089\u3001\u8db3\u5143\u306e\u5e02\u5834\u306e\u6df7\u4e71\u306b\u3088\u308a\u3001\u8cb4\u793e\u682a\u4fa1\u306f\u4e00\u5c64\u5272\u5b89\u306b\u8a55\u4fa1\u3055\u308c\u3066\u304a\u308a\u307e\u3059\u3002\u3053\u306e\u69d8\u306a\u72b6\u6cc1\u306b\u304a\u3044\u3066\u306f\uff08\uff11\uff09\u5e02\u5834\u306b\u5bfe\u3059\u308b\u30b7\u30b0\u30ca\u30eb\u52b9\u679c\u3092\u6301\u3061\u3001\uff08\uff12\uff09\u4e00\u682a\u5f53\u305f\u308a\u5229\u76ca\u6539\u5584\u3092\u901a\u3058\u305f\u4f01\u696d\u4fa1\u5024\u5411\u4e0a\u52b9\u679c\u3092\u6301\u3061\u3001\uff08\uff13\uff09\u767a\u884c\u6e08\u682a\u5f0f\u7dcf\u6570\u306e\u6e1b\u5c11\u3092\u901a\u3058\u3066\u5c06\u6765\u7684\u306a\u914d\u5f53\u8ca0\u62c5\u3092\u6e1b\u3089\u305b\u308b\u3001\u81ea\u5df1\u682a\u8cb7\u3044\u3092\u3054\u63d0\u6848\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n\n\n\n \u4eca\u56de\u79c1\u5171\u304b\u3089\u5177\u4f53\u7684\u306a\u91d1\u984d\u30fb\u682a\u6570\u306b\u3064\u3044\u3066\u306e\u63d0\u6848\u306f\u81f4\u3057\u307e\u305b\u3093\u3002\u4f8b\u3048\u5c11\u984d\u3067\u3042\u3063\u3066\u3082\u901f\u3084\u304b\u306b\u3054\u5b9f\u65bd\u9802\u304f\u4e8b\u304c\u4eca\u65e5\u306e\u3088\u3046\u306a\u74b0\u5883\u3067\u306f\u91cd\u8981\u3067\u3042\u308a\u3001\u305d\u308c\u306b\u3088\u3063\u3066\u53d6\u7de0\u5f79\u306e\u7686\u69d8\u306e\u8cb4\u793e\u4e8b\u696d\u30fb\u8ca1\u52d9\u30fb\u682a\u4fa1\u6c34\u6e96\u306b\u5bfe\u3059\u308b\u81ea\u4fe1\u3092\u767a\u4fe1\u3059\u308b\u4e8b\u304c\u3067\u304d\u307e\u3059\u3002\u305d\u306e\u69d8\u306a\u30a2\u30af\u30b7\u30e7\u30f3\u304c\u682a\u4e3b\u306e\u7686\u69d8\u306b\u4e0e\u3048\u308b\u5b89\u5fc3\u306f\u8a08\u308a\u77e5\u308c\u305a\u3001\u4eca\u5f8c\u9577\u671f\u306b\u308f\u305f\u3063\u3066\u8cb4\u793e\u3054\u7d4c\u55b6\u3078\u306e\u4fe1\u983c\u306e\u790e\u3068\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n \u3053\u3061\u3089\u306e\u30ec\u30bf\u30fc\u3092\u6b21\u56de\u306e\u53d6\u7de0\u5f79\u4f1a\u3067\u3054\u8b70\u8ad6\u9802\u304d\u3001\u3054\u6c7a\u5b9a\u3044\u305f\u3060\u3051\u308b\u4e8b\u3092\u671f\u5f85\u3057\u3066\u304a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n \u3054\u4e0d\u660e\u306a\u70b9\u304c\u3042\u308c\u3070\u4f55\u306a\u308a\u3068\u30c0\u30eb\u30c8\u30f3\u30fb\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\u682a\u5f0f\u4f1a\u793e\u306e\u30e1\u30f3\u30d0\u30fc\u306b\u304a\u554f\u3044\u5408\u308f\u305b\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n IMPORTANT INFORMATION<\/strong><\/p>\n\n\n\n This letter has been prepared by Dalton Investments and its affiliates (collectively, \u201cDalton\u201d) for the benefit and use of the original recipients. It does not constitute, and should not be construed as, an offer or solicitation to enter into any transaction regarding any financial instrument, nor should it form the basis of or be relied on in connection with any such transaction. This letter does not constitute, and should not be construed as, tax, legal, regulatory, accountancy or other specialist or technical advice, or investment advice or personal recommendations, any trading strategy or advice (from an investment perspective) to any person on the suitability of any transaction.<\/p>\n\n\n\n The information in this letter is based on information that Dalton considers reliable, but which Dalton did not verify any of the information. No representation or warranty is made as to, nor should reliance be placed on, any of that information contained herein being accurate or complete. Neither Dalton nor any of Dalton\u2019s directors, officers or employees accepts any responsibility or liability for any losses or damages that may result from the lack of accuracy or incompleteness of this information. Such persons also do not accept any responsibility or liability for assumptions on which any statements, views, valuations or opinions expressed by Dalton in this letter may be based.<\/p>\n\n\n\n This letter speaks of its date and opinions and views expressed are Dalton\u2019s opinions and views as of such date only. Dalton assumes no obligation to notify or inform any party of any developments or changes occurring after the date of this document that might render its contents untrue or inaccurate in whole or in part.<\/p>\n\n\n\n Any possible transaction or investment referred to herein may involve significant risk. This document has been prepared without regard to the individual circumstances and objectives of persons other than the original recipients who receive it. Other recipients should, without relying on this document, make their own independent decisions regarding to any possible transaction or investment and, if necessary, seek professional advice.<\/p>\n\n\n\n Dalton accepts no liability whatsoever for any reproduction or redistribution, in whole or in part, of this document, by any person other than Dalton.<\/p>\n\n\n\n The distribution of this document in certain jurisdictions may be restricted by law, and recipients into whose possession this comes should inform themselves about, and observe, any such restrictions.<\/p>\n\n\n\n \u514d \u8cac \u4e8b \u9805<\/p>\n\n\n\n \u672c\u8cc7\u6599\u306f\u60c5\u5831\u63d0\u4f9b\u306e\u307f\u3092\u76ee\u7684\u3068\u3057\u305f\u3082\u306e\u3067\u3042\u308a\u3001\u7279\u5b9a\u306e\u91d1\u878d\u5546\u54c1\u3078\u306e\u6295\u8cc7\u306e\u52e7\u8a98\u3084\u58f2\u8cb7\u3001\u3042\u308b \u3044\u306f\u305d\u306e\u58f2\u8cb7\u306e\u9069\u5408\u6027\u306b\u3064\u3044\u3066\u306e\u52a9\u8a00\u3092\u884c\u3046\u3053\u3068\u3092\u76ee\u7684\u3068\u3057\u305f\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n \u672c\u66f8\u306b\u8a18\u8f09\u3055\u308c\u308b\u60c5\u5831\u306b\u306f\u4e07\u5168\u3092\u671f\u3057\u3066\u304a\u308a\u307e\u3059\u304c\u3001\u305d\u306e\u60c5\u5831\u306e\u6b63\u78ba\u6027\u304a\u3088\u3073\u5b89\u5168\u6027\u3092\u4fdd\u969c\u3059 \u308b\u3082\u306e\u3067\u306f\u306a\u304f\u3001\u6211\u3005\u306e\u898b\u89e3\u3001\u8a55\u4fa1\u306e\u8cac\u4efb\u307e\u305f\u306f\u7fa9\u52d9\u3092\u8ca0\u3046\u3082\u306e\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n \u672c\u8cc7\u6599\u306b\u8a18\u8f09\u3059\u308b\u4e8b\u9805\u306b\u3064\u304d\u3001\u4e88\u544a\u306a\u3057\u306b\u5185\u5bb9\u304c\u5909\u66f4\u307e\u305f\u306f\u5ec3\u6b62\u3055\u308c\u308b\u5834\u5408\u304c\u3042\u308a\u307e\u3059\u3002\u4e88\u3081 \u3054\u4e86\u627f\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n \u672c\u8cc7\u6599\u306f\u3001\u5404\u7a2e\u6cd5\u5f8b\u306b\u3088\u308a\u5236\u9650\u3055\u308c\u3066\u3044\u308b\u5834\u5408\u304c\u3042\u308a\u307e\u3059\u306e\u3067\u3001\u6b63\u78ba\u306a\u60c5\u5831\u3084\u8a73\u3057\u3044\u8cc7\u6599\u306e\u914d \u5e03\u3092\u5e0c\u671b\u3055\u308c\u308b\u5834\u5408\u306b\u306f\u3001\u30c0\u30eb\u30c8\u30f3\u306b\u304a\u554f\u3044\u5408\u308f\u305b\u3092\u304a\u9858\u3044\u3057\u307e\u3059\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"\n
\n
\n