Management Policy

Rather than selective disclosure, we will continue to strive to disclose company information to shareholders and investors in a timely manner based on information disclosure standards in compliance with relevant laws and ordinances with the priority on transparency, impartiality and consistency.

We will disclose information in compliance with the Financial Instruments and Exchange Law, other related laws, and the Rules for the Timely Disclosure of Corporate Information (hereafter "Timely Disclosure Rules") stipulated by Securities Listing Regulations of the Tokyo Stock Exchange.
In addition, we will also actively and impartially disclose information to which the Timely Disclosure Rules do not apply considered to be effective in gaining a better understanding of the company by as appropriate a means as possible.

Statutory disclosure

Disclosure in accordance with the Financial Instruments and Exchange Law	Annual security reports, quarterly reports, internal control reports and extraordinary reports, etc.
Disclosure in accordance with the Companies Act	Business reports, non-consolidated financial statements and consolidated financial statements, etc.

Disclosure Required by the Tokyo Stock Exchange

Timely disclosure	Information on decisions made by the Company and occurrence of material facts, etc. required to be timely disclosed by the Tokyo Stock Exchange
Others	Corporate governance reports and independent officers notifications, etc.

Other information to be disclosed

IR-related documents (reference materials for financial results, etc.)

In the case of the disclosure of information to which the Timely Disclosure Rules apply, once advance explanations of information are given to the Tokyo Stock Exchange (TSE) in accordance with those rules and the information is registered on the TSE's TDNet (Timely Disclosure Network), materials are sent to the Kabuto Club, the (TSE) press club.

Information registered on the TDNet is posted on our website.
In addition, besides registered information, other information considered to be helpful in gaining a better understanding of our company is also posted successively on the website.

We maintains a "period of silence" from the day after the account settlement date until the day of settlement account announcement in order to prevent the divulgence of information that may have an impact on the stock price prior to the announcement and to assure impartiality.Please be aware that, during that period, we will refrain from commenting on or replying to inquiries regarding account settlements.
If it becomes clear during the period of silence, however, that actual business performance deviates significantly from already-announced performance forecasts, information will be appropriately disclosed as a revision of the performance forecast.