1

Basic Policy on Disclosures

The Company makes accurate, fair, transparent, and timely disclosures in accordance with the Financial Instruments and Exchange Act and other applicable laws and regulations as well as the “Timely Disclosure of Corporate Information, etc.” (hereinafter, “the Timely Disclosure Rules”) of the Tokyo Stock Exchange’s (TSE’s) Securities Listing Regulations.

We also proactively and fairly disclose information whose disclosure is not required by applicable laws and regulations or the Timely Disclosure Rules but which is deemed important at our own discretion. This helps shareholders and investors to understand our company better.

2

Method of Disclosure

The Company discloses information via the Electronic Disclosure for Investors’ NETwork (EDINET) pursuant to the Financial Instruments and Exchange Act, and information required by the Timely Disclosure Rules via the TSE’s Timely Disclosure network (TDnet). When necessary, we also disclose information on our website without delay for a broader audience.

3

Prevention of Insider Trading

Once company information whose disclosure is required by the Timely Disclosure Rules is disclosed on the TSE website via TDnet, a publication measure under the insider trading regulations is deemed completed.

The Company discloses company information whose disclosure is required by the Timely Disclosure Rules and important company information that it deems has the potential to affect investment decisions on our website immediately after disclosing the same on the TSE website.

4

Quiet Period

In order to prevent the leak of accounting information and ensure fairness, the Company sets a “quiet period” of two weeks prior to the results announcement, during which we refrain from commenting on or answering inquiries related to financial results and business forecasts and plans. However, should it become likely during the quiet period that future business performance may change significantly, we undertake disclosure in accordance with the Timely Disclosure Rules.