AGC: Voluntary Return of Remunerations

Date: 15 January 2008
Source: AGC
On November 28, 2007, Asahi’s subsidiary AGC Flat Glass Europe (former Glaverbel), having  its head office in Brussels, Belgium, (“AFEU”) and Asahi received a decision of the European  Commission (the “Commission”) holding Asahi and AFEU liable in relation to certain  anticompetitive conduct in the flat glass sector in the European Economic Area and imposing a  fine of Euros 65 million jointly and severally on Asahi and AFEU.

Asahi is currently  analyzing the Commission decision with a view to assessing possible grounds for appeal.

Moreover, on, respectively, April 20, 2007, and April 23, 2007, Asahi’s indirect subsidiary AGC  Automotive Europe, having its head office in Seneffe, Belgium, and Asahi, received from the  Commission a so-called “statement of objections” in relation to certain alleged anticompetitive  conduct in the automotive glass sector in the European Union. The Commission’s  investigation is still ongoing and no final decision has yet been adopted in this matter.

Asahi’s management deeply regrets its subsidiaries’ possible involvement in any conduct which  may be considered by the competent authorities in violation of the law and, in particular, of  antitrust laws.

With a view to giving a strong signal to all of Asahi’s subsidiaries and stakeholders of their deep  regret and of the importance they attribute to full compliance with antitrust laws, Asahi’s  Representative Directors, the Chairman of Asahi’s Board and certain Executive Officers decided  to voluntary return 30 ~ 10 % of their remunerations for 3 months from January.  Asahi’s management is committed to take all the additional measures to ensure that none of the  Asahi’s group companies will be involved in any conduct in breach of applicable competition  law in the future and that each employee fully realizes that he/she has an obligation and the  responsibility to comply with all applicable laws and, in particular, antitrust laws.

600450 AGC: Voluntary Return of Remunerations glassonweb.com

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