Okasan Securities Group

1. Outline of merger

(1)	Schedule of the merger
	Meetings of the Board of Directors to approve the merger agreement : Tuesday, February 16, 2010 Date of conclusion of merger agreement : Tuesday, February 16, 2010 General meeting of shareholders to approve the merger agreement : Tuesday, March 23, 2010 Merger date (Effective date) : April 1, 2010
	(Note) Rokuni Securities is the parent company of Oishi Securities, holding a 95% equity stake, and this merger will be carried out through a short-form merger as described in Paragraph 1 of Article 784 of the Companies Act. As a result, Oishi Securities will not hold a general meeting of shareholders to approve the merger agreement.
(2)	Merger method
	An absorption-type merger will be adopted with Rokuni Securities becoming the surviving company. Oishi Securities is expected to be dissolved.
(3)	The merger ratio
	Company name Rokuni Securities Co., Ltd. (Surviving Company in Absorption-Type Merger) Oishi Securities Co., Ltd. (Company Absorbed in Absorption-Type Merger) Merger ratio 1 0.37 (Notes) 1. A 0.37 share of Rokuni Securities Co., Ltd. will be allotted and issued, in exchange for one (1) share of Oishi Securities Co., Ltd.   2. As a result of the merger, 40,700 common shares of Rokuni Securities will be newly issued.   3. Following detailed discussions, in reference to the results of a valuation of the shares by a third-party consultant, TY Consulting, the two subsidiaries have reached the conclusion that the above merger ratio is appropriate.

1.New trade name Sanen Securities Co., Ltd. 2.Background for change in trade name The managements of the two subsidiaries, taking the merger as a good opportunity, have decided to change the trade name of the surviving company to Sanen Securities Co., Ltd. "Sanen" is a combination of "san," which symbolizes an Okasan company, and "en" which pronounces a Japanese word of "personal ties" that Okasan Securities Group always emphasizes. The name denotes the desire that the new company will always appreciate and strengthen "En," or "personal ties," with local customers and residents, and will eventually be appreciated by a variety of people. By combining the two companies, which are operating independently in Mie Prefecture and Gifu Prefecture, into a regional coalition, this merger aims to develop a more robust management foundation, to bolster the quality of products and informative services through the support of the Okasan Securities Group, and consequently to provide customers for optimum services in the region. We believe that the two companies are the "winners" in the respective regions, with successfully having beaten the competitors in the severe market to date. Through the merger, the companies will look to establish new business models under a coalition of successful brokers by bolstering services that are closely tailored for regional needs. 3.Date of change in trade name Thursday, April 1, 2010