Disclosure Policies

1. Information disclosure principles

In accordance with the Financial Instruments and Exchange Act, other relevant laws, and the "Rules on timely disclosure of corporate information" (referred to below as "Timely Disclosure Rules"), which are rules for listing of securities, stipulated by the Tokyo Stock Exchange, information is disclosed promptly, with transparency, impartiality and continuity as the basic principles. In addition, even if the various laws and the Timely Disclosure Rules are not applicable, any information that is judged to be important and/or beneficial for the understanding of this company by shareholders and investors will be disclosed fully, frequently and impartially.

No individual personal information, clients' information, or information that violates the rights of any concerned parties shall be disclosed.

2. Information disclosure procedure

Disclosure of information stipulated in the Timely Disclosure Rules shall be performed in accordance with those Rules, via the "Timely disclosure information transfer system" (TDnet) provided by the Tokyo Stock Exchange, and after disclosure shall be promptly posted on this company's website.

Even information to which the Timely Disclosure Rules are not applicable shall be disclosed, by means such as posting on this company's website, if the information is judged to be important and/or beneficial.

3. Prevention of insider trading

Rules for management of information and control of insider trading have been established, and this company aims to prevent insider trading. In addition, efforts will be made every year to widely and thoroughly disseminate a basic understanding of the rules about insider trading by all employees and executives, and to educate and enlighten them in this respect, by means such as holding study group meetings, and distributing explanatory documents. Furthermore, warnings about insider trading will be made via the in-house communication system as and when appropriate.

4. Handling of business results forecasts and future information

Among business results forecasts, other forecasts, strategies, targets, etc., disclosed by this company, those that do not relate to past or present actual situations are defined as forecasts, and these will be based on information currently held by this company, and schedules, expectations and judgments based on defined premises that are judged to be reasonable. There is, however, the potential for actual business results, etc., to deviate from the disclosed business results forecasts, etc., due to changes in the economic climate and/or various other uncertainty factors.

5. Silent period

From the point of view of preventing leakage of accounts settlement information, including quarterly accounts settlement information, and ensuring the impartiality of information disclosure, a silent period is set, from the day after the final date of the accounts settlement (or quarterly accounts settlement) period until the relevant accounts settlement publication date. During the silent period, no responses or comments are made to questions about accounts settlements or business results forecasts. However, if major changes in business results forecasts are expected during the silent period, they will be made public as appropriate, in accordance with the Timely Disclosure Rules.

6. In-house organization

In accordance with this company's disclosure policy, in order to disclose information as appropriate in accordance with all relevant laws and the Timely Disclosure Rules, appropriate efforts will be made to prepare and fully establish the in-house organization.

Disclaimer

• This company's business results forecasts, schedules, strategies, etc., posted on this website are forecasts relating to future business results, as judged by this company's managers on the basis of information received as of the present time, and therefore include risks and uncertainties. It must be appreciated that the actual business results may differ from the forecasts as a result of various important factors surrounding this company's business activities, such as the financial climate and fluctuations in the market.
• None of the information posted on this website constitutes an inducement to purchase, sale, etc., of this company's stocks.
• Decisions relating to investments should be made on the basis of the investor or potential investor's own judgment.
• The information posted on this website may be changed or removed without warning. In addition, there may be occasions when this website cannot be used normally, due to factors such as the transmission environment, or clients' computer statuses.
• This company will endeavor to ensure that information posted on this website is correct and complete before posting. However, if there are errors in the information posted, or if a third party tampers with the data, or if damage or loss is incurred as a result of downloading data, this company shall assume no responsibility whatsoever.