Basic Posture on IR

The Company discloses information in line with the Rules on Timely Disclosure of Corporate Information by Issuers of Listed Securities (hereinafter “the Timely Disclosure Rules”) established by the Tokyo Stock Exchange. To respond to investors’ requests, we also strive to make more accurate, fair, and prompt disclosure of information to which the Timely Disclosure Rules do not apply.

Disclosure Criteria

The Company sets out the following criteria for disclosure:

• We position the following corporate information as important information to be announced:
  ・Information required to be disclosed under the Securities and Exchange Law, the Timely Disclosure Rules of each stock exchange, etc.
  ・Information, other than the above information, that is considered to have a significant influence on investors’ investment decisions
• Rules on announcements (note: self-regulatory rules are planned to be announced separately in association with the abolishment of the 12-hour rule)
  Announcement means the disclosure of company information under either of the following conditions:
  (1) Twelve hours have passed since the company information was registered and disclosed on TDnet (the Timely Disclosure Network) under the Timely Disclosure Rules of the Tokyo Stock Exchange
  (2) Twelve hours have passed since the company information was disclosed by two or more of the following news media:
  ・Domestic daily newspapers and news agencies covering general matters relating to current events
  ・Domestic daily newspapers covering general matters relating to industries and the economy
  ・Japan Broadcasting Corporation (NHK) and commercial broadcasters set out under the Broadcasting Law
• Insider trading rules (note: changes in the rules in association with the abolishment of the 12-hour rules will be announced separately)
  We will disclose important information on the website and at briefings as needed after important information is first disclosed. However, we will give warning in writing or verbally that if information is disclosed on the website or at briefings before 12 hours have passed after the announcement on TDnet and press releases, transactions of stocks etc. are at risk of violating insider trading rules (12-hour rule) under the Securities and Exchange Law.

Method of Disclosure

The Company will disclose information under the following rules:

• Rules regarding the time and place (e.g. TDnet) of disclosure
  We announce information on TDnet (Timely Disclosure Network) after first reporting it to the Tokyo Stock Exchange under the Timely Disclosure Rules. The information disclosed on TDnet is immediately posted on this website. We also communicate information to which the Timely Disclosure Rules do not apply to investors accurately and fairly via appropriate means. We therefore recommend that investors refer not only to the website but also to other information sources, including TDnet, to check the Company’s disclosed information.
• Role of this website
  This website is for investors who wish to view information about the Company on the Internet. Although we post the disclosed information on the website as soon as possible for fair information disclosure, the posting may be delayed. We therefore position disclosure on the website as a means of supplementary disclosure.
• Silent period
  To prevent information with the potential to influence the stock price from leaking while earnings announcement materials are being prepared, we make the four weeks before the earnings announcement a silent period and refrain from commenting or answering questions on financial results. However, if results prove to be likely to be significantly different from those forecast during the silent period, we will disclose information through press releases as required.

Disclaimer (Terms and Conditions)

• Use of the website
  The website is intended to provide information to help users understand the operations, management policy, business strategy, financial conditions, etc. of the Company. None of the information on the website is posted for the purpose of soliciting investment. We ask users to make decisions about investment at their own responsibility.
  
  Users should be sure to understand the following: (1) There may be a significant delay in the posting of certain information on the website for reasons of preparation; (2) Not all of the information disclosed by the Company on stock exchanges etc. may be posted on the website; and (3) Information on this website may be expressed differently from that disclosed in other places. We may change the content of the website or may suspend or terminate the operation of the website without prior notice.
• Accuracy and reliability of information
  Although we pay close attention to the contents of the website, we make no guarantee of the accuracy, usefulness, and certainty of the content-that is, the content may include inaccuracies, typographical errors, or inappropriate information due to computer malfunctions or data rigging by third parties. We will not indemnify users from any damage caused by errors in content, data downloading, or other factors.
• Forward-looking statements The contents of the website, except historical facts, are forward-looking statements made by the Company based on assumptions in light of information currently available and include risks and uncertainties in relation to economic conditions, market trends, changes in the tax system and suchlike. Actual results to be announced in the future may therefore differ from the forward-looking statements depending on these and other factors.

Handling of Inquiries and Market Rumors

• Inquiries
  When officers or employees other than people in charge of disclosure are requested to provide information or make comments or are asked questions from market participants, we will ensure that they will not respond directly but will inform persons in charge of disclosure of the requests and questions. The persons in charge of disclosure who receive information on the requests and questions will respond to them promptly.

• Market rumors
  Provided it is clear that the Company is not the source of a rumor, it is our basic policy not to comment on market rumors.