Housewives' Friend Direct Inc.

Housewives' Friend Co. establishes the Agency Department (later the Mail Order Business Division, starting mail order sales of reader services)

Separates and independently establishes the Mail Order Division, creating Housewives' Friend Direct Inc.

Becomes a consolidated subsidiary of JALUX Inc. (capital ratio 51%)

Becomes a consolidated subsidiary of Chizukai Inc. (capital ratio 51%)

Becomes 100% Subsidiary of Chizukai Inc.

Relocates headquarters (10-2, 5th Street, Chiyoda-ku, Tokyo)

Forms capital and business partnership with Snow Brand Meg Milk Co. (capital ratio: Chizukai Inc. 66.6%, Snow Brand Meg Milk Co. 33.4%)

Changes company name to Belenje Direct Inc.

Becomes a subsidiary of Snow Brand Meg Milk Co. (capital ratio: Snow Brand Meg Milk Co. 66.6%, Chizukai Inc. 33.4%)

Becomes a fully owned subsidiary of Snow Brand Meg Milk Co. (capital ratio: Snow Brand Meg Milk Co. 100.0%)