Overview of Proposed Reorganization Plans
(WorldNews Japan)

[For disclosure on HP] Overview of Proposed Reorganization Plans Part I. Fundamental Policy of Proposed Reorganization Plans The fundamental policy of the proposed reorganization plans of Japan Drilling Co., Ltd. ("JDC") and Japan Drilling (Netherlands) B.V. ("JDN") is to receive support from a company ("Sponsor") owned and managed by Farallon Capital Management L.L.C. and its affiliated companies ("Farallon Group"), and thereby realize the maintenance and reorganization of the business operated by the JDC group. Pursuant to the sponsor agreement entered into among JDC and JDN and the Sponsor (the "Sponsor Agreement"), the Sponsor shall use...