Disclosure Policy

Section 1: Basic policy

Under its basic policy, the Company discloses information to shareholders, institutional investors, analysts, the media, and all other stakeholders in an expeditious and precise manner so that the Company will be fully understood and properly appreciated.

Section 2: Information disclosure standard

The Company swiftly discloses information on the basis of transparency, fairness, and continuity, according to all laws and regulations, such as the Financial Instruments and Exchange Act, the securities listing regulations set forth by the Tokyo Stock Exchange, and others.

As much as possible, the Company also discloses information that is not included in material facts, as defined by laws, securities listing regulations, and others, in a voluntary and fair manner, if the information is felt to have substantial influence on investment decisions made by shareholders and investors, and if it should be useful for the Company to be further understood.

Section 3: Disclosing information

Without delay, the Company discloses information through the Timely Disclosure network (the TDnet) provided by the Tokyo Stock Exchange, through the Company’s website, and through announcements to the media, aiming at extensive and fair disclosure. In addition, the Company proactively discloses information related to its management policy and other matters in a timely and proper manner, in addition to Timely Disclosure releases. For instance, results briefings and other IR events are streamed online on the Company’s website.

Section 4: Fair disclosure policy

The Company is committed to promote full and fair disclosure of material nonpublic information, equally to all stakeholders, in accordance with the fair disclosure rule stipulated in Japanese Financial Instruments and Exchange Act.

Section 5: Quiet period

The Company observes a quiet period of four weeks before publicly releasing its financial results, in order to prevent leakage of financial results information and to secure fairness. Please be forewarned that, during the period, the Company withholds business forecasts, comments on its results, and answers to any questions, and voluntarily refrains from holding individual meetings and briefing sessions. Even during the period, however, the Company appropriately discloses information if the gap between the actual and estimated results exceeds or is below the range accepted by securities listing regulations.

Section 6: Business forecast and future outlook

The information that the Company discloses consists of business forecasts, future outlooks, and others. The forecasts and outlooks are presented by the Company based on judging reasonably the information available at that point in time, and they may differ from the actual results depending on various preconditions, such as economic situations and market trends, as well due to other uncertainties. In addition, the Company has no concern with business forecasts and future outlooks of the Company developed by third parties.