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Disclosure Policy

General Policies

The Company is committed to providing information to shareholders and other investors in a timely, accurate and fair manner. To this end, we shall quickly disclose information conforming to regulations concerning timely disclosure as stipulated by the Tokyo Stock Exchange, as well as other important information. In addition, we shall proactively disclose information to help people better understand the Company.

Disclosure Methods

Information pertaining to regulations on timely disclosure is first supplied to the Tokyo Stock Exchange for advance explanation conforming to the regulations, then to TDnet, the information service used by the Tokyo Stock Exchange. Information provided to TDnet is then announced to the relevant press clubs, whereupon it is uploaded to the Company's Web site. In addition, information that does not require timely disclosure is disclosed via the appropriate means, based on our assessment of its timeliness, with an emphasis on accuracy and fairness.

Refusal to Disclose Information

The Company may refuse to respond to requests for certain information, in cases where requested information may compromise our competitive position or is protected under a confidentiality agreement.

Forward-Looking Statements

The Company provides revenue and earnings forecasts, medium- and long-term plans and the like not only to the Tokyo Stock Exchange but also via printed documents and our Web site. In either case, information other than historical data is forward-looking in nature and reflects forecasts made by the Company based on information currently available. Such forward-looking statements involve a number of risks, uncertainties and other factors that may cause actual results to differ from those projected. For this reason, we urge readers not to rely solely on such information when making investment decisions.

Quiet Period

To prevent information leaks and ensure fairness, the Company imposes a "quiet period" from two weeks before the closure of accounts day until the flash report announcement. During this period, the Company shall not make comments or respond to questions regarding its account settlement. However, it may transpire that, even during a quiet period, the Company needs to announce more accurate financial projections that differ from those previously announced. If such projections differ sufficiently so as to require timely disclosure, the Company shall disclose revised financial projections via the procedures outlined above.