(Reference Translation)

Chapter 1 Outline of the English-Language Disclosure System
Section 1 Outline of the English-language Disclosure System
1. English-language Disclosure System under the Financial Instruments and Exchange Act
Under the Financial Instruments and Exchange Act (hereinafter "FIEA"), issuers of certain securities are
obligated to submit Registration Statements, Annual Reports, and other disclosure documents in principle in theJapanese language. The English-Language Disclosure System is a system which allows foreign companies tosubmit English documents (limited to those which were actually disclosed in a foreign country pursuant to laws
and regulations, including rules of a stock exchange or an equivalent institution, in the foreign country(hereinafter called the “Foreign Regulations”) in place of the above-mentioned Japanese documents in cases
where these English documents are deemed not to be inadequate in consideration of the public interest andinvestor protection in Japan.
In cases where a foreign company submits these English documents (including those which are required as
supplementary documents), such company shall be deemed to have submitted Registration Statements, Annual
Reports, and other disclosure documents.
The English-Language Disclosure System was introduced in 2005 when the FIEA (then known as the
Securities and Exchange Act) was amended. Following a gradual expansion of its scope, the system currently
applies to almost all documents submitted by foreign companies which have disclosure obligations under the
FIEA.

2. Documents eligible for the English-Language Disclosure(1) Foreign Company Registration Statement
Type of the disclosure documents
Registration Statement (limited to those
prepared in the regular method) and its
amendment statements

Corresponding documents under
the English-Language Disclosure System
Foreign Company Registration Statement andsupplementary documents as well as theiramendment statements(Note) In cases where a foreign company disclosed a Securities Registration Statement in English, relevant prospectus
shall also be in English.

(2) Continuous Disclosure Documents
Type of the disclosure documents
Annual Report and its amendment statements

Quarterlystatements

Reportandits

amendment

Corresponding documents under
the English-Language Disclosure System
ForeignCompany Annual Reportandsupplementary documents as well as theiramendment statements
ForeignCompany
QuarterlyReportandsupplementary documents as well as theiramendment statements

DISCLAIMER: This translation may be used for reference purposes only. This English version is not an official translation of theoriginal Japanese document. In cases where any differences occur between the English version and the original Japaneseversion, the Japanese version shall prevail.

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(Reference Translation)

Type of the disclosure documents
Semiannual Report and its amendment
statements
Confirmation Letter and its amendment
statements
Internal Control Report and its amendment
statements
Extraordinary Report and its amendment
statements
Status Report of Parent Company

Corresponding documents under
the English-Language Disclosure System
Foreign Company Semiannual Report andsupplementary documents as well as theiramendment statements
Foreign Company Confirmation Letter andsupplementary documents as well as theiramendment statements
Foreign Company Internal Control Report andsupplementary documents as well as theiramendment statements
Foreign Company Extraordinary Report and its
amendment statements
Status Report of Foreign Parent Companyand
supplementary documents

3. Requirements and Points of Consideration related to the English-Language Disclosure(1) Requirements for the English-Language Disclosure
For the use of the English-Language Disclosure System, the requirements specified in the following a. to f.
in accordance with the classification of the documents listed in each item shall be met.
(Article 5, Paragraph 6; Article 24, Paragraph 8 of the FIEA, and others)a. Foreign Company Registration Statement(a) The document shall be prepared in English.
"Foreign Company Registration Statement (excluding securities information)" submitted in place of a
Registration Statement must be prepared in English.
(b) The documents were disclosed pursuant to the laws and regulations in the foreign country.
"Foreign Company Registration Statement (excluding securities information)" submitted in place of a
Registration Statement must be the document which was disclosed in a foreingn country pursuant to theForeign Regulations (i.e. a document which was made available for public inspection in such foreign country
within a regulatory regime as opposed to a voluntary regime).
As such, in cases where a document was prepared in English on a voluntary basis not pursuant to theForeign Regulations such document does not qualify as a Foreign Company Registration Statement.
In addition, if a foreign company whose home country's official language is not English disclosed
documents written in English pursuant to the Foreign Regulations of a third country whose official language
is English, such foreign company may submit such documents written in English disclosed in the third
country as a Foreign Company Registration Statement.
This shall include the cases where a foreign company conducts an offering or secondary offering of
securities in Japan and in another country at the same time, or such company will be simultaneously listed on
DISCLAIMER: This translation may be used for reference purposes only. This English version is not an official translation of theoriginal Japanese document. In cases where any differences occur between the English version and the original Japaneseversion, the Japanese version shall prevail.

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(Reference Translation)a Japanese stock exchange and a foreign stock exchange, and the Foreign Company Registration Statement(excluding securities information) is scheduled to be made available for public inspection pursuant to theForeign Regulations of such foreign country.
(c) The documents are not inadequate in terms of the public interest or investor protection.
Wherever a foreign company submits a Foreign Company Registration Statement in place of a
Registration Statement, the Commissioner of the Financial Services Agency (hereinafter the "FSA
Commissioner") shall determine whether the document is inadequate in terms of the public interest andinvestor protection in light of the terms, forms, and preparation method taking into account the country or
region where such document was disclosed. The FSA Commissioner shall consider the following matters forsuch determination.
(i) Whether the terms, forms and preparation methods are not inadequate in light of investor
protection.
Whether the preparation/disclosure criteria in the disclosure system under the laws and regulations of aforeign country or those prescribed by a foreign financial instruments exchange or the equivalentinstitution are not inadequate in terms of the public interest and investor protection in light of the
preparation/disclosure criteria in the disclosure system under the FIEA of Japan.
(ii) Whether the documents were appropriately disclosed in a foreign country
Whether the documents were appropriately disclosed in a foreign country pursuant to the laws andregulations of such country or rules prescribed by a foreign financial instruments exchange or theequivalent institution.
Table 1 Example where English-Language Disclosure was allowed on the basis of disclosure
documents in English in such country or region (as of March 30, 2012)
・ The United States of America* The actual submission of such disclosure documents is allowed in "cases where the FSA Commissioner deems that the
documents are not inadequate in terms of the public interest or investor protection" for each individual case.
* As the submission of Foreign Company Registration Statements has been allowed from April 1, 2012, all previous cases
where English-Language Disclosure was allowed were related to disclosure of Foreign Company Reports. The same
criteria are also considered to apply to the Foreign Company Registration Statements.

b. Foreign Company Annual Report, Foreign Company Quarterly Report, and Foreign Company
Semiannual Report
These reports are handled in the same manner as the Foreign Company Registration Statements in thepreceding a.
DISCLAIMER: This translation may be used for reference purposes only. This English version is not an official translation of theoriginal Japanese document. In cases where any differences occur between the English version and the original Japaneseversion, the Japanese version shall prevail.

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(Reference Translation)c. Foreign Company Confirmation Letter
Only a foreign company which submitted a Foreign Company Annual Report may submit a Foreign
Company Confirmation Letter in which matters required in the form of such letter are provided in English.
Such company shall be allowed to submit either a newly prepared document or an existing document which
was disclosed in a foreign country.
d. Foreign Company Internal Control Report
Only a foreign company which submitted a Foreign Company Annual Report may submit a Foreign
Company Internal Control Report in which matters required in the form of the Internal Control Report areprovided in English.
Such company shall be allowed to submit either a newly prepared document or an existing document which
was disclosed in a foreign country.
e. Foreign Company Extraordinary Report
In cases where a foreign company satisfies the requirements in the following (a) and (b), it may submit a
Foreign Company Extraordinary Report in which matters required in the form of the Extraordinary Report areprovided in English.
Such company shall be allowed to submit either a newly prepared document or an existing document which
was disclosed in a foreign country.
(a) The reason for submission is provided in Japanese.
The "reason for submission" of a Foreign Company Extraordinary Report shall be provided in Japanese.
The details of such reason are the same as those for a case where a foreign company prepares an
Extraordinary Report in Japanese.
(b) The report is not inadequate in terms of the public interest or investor protection.
A Foreign Company Extraordinary Report shall be deemed by the FSA Commissioner that it is notinadequate in terms of the public interest or investor protection.
f. Status Report of Foreign Parent Company
In cases where the parent company of a listed company (a company which holds a majority of the voting
rights of such listed company) is a foreign company, such parent company of the listed company may submit a
Status Report of Foreign Parent Company in which matters required in the form of the Status Report of Parent
Company are provided in English.
Such company shall be allowed to submit either a newly prepared document or an existing document which
was disclosed in a foreign country.
In addition, such company does not need to be a foreign company which submitted a Foreign Company
DISCLAIMER: This translation may be used for reference purposes only. This English version is not an official translation of theoriginal Japanese document. In cases where any differences occur between the English version and the original Japaneseversion, the Japanese version shall prevail.

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(Reference Translation)

Annual Report.
(2) Requirements regarding application of foreign accounting standards
As a general rule, approval by the FSA Commissioner has been required in case a foreign company intends
to include financial statements prepared in accordance with the terminologies, forms and preparation method
under the rules of a foreign country in a Registration Statement, Annual Report, or other disclosure documents.
Such approval will also be required for financial statements which are included in a Foreign Company
Registration Statement, Foreign Company Annual Report, and other disclosure documents (hereinaftercollectively "Foreign Company Registration Statement, etc." in this chapter).
As a general rule, when using the terminologies, forms, and preparation methods under the rules of a foreigncountry to prepare financial statements, the foreign company, in general, is required to prepare those inaccordance with the standards of its home country (Article 129, Paragraphs 1 and 2 of the Regulation for
Terminology, Forms and Preparation of Financial Statements (hereinafter "Regulation for Financial
Statements")). However, in cases where a foreign company who has disclosed financial statements written in its
own language other than English in its home country has disclosed financial statements written in English in athird country whose official language is English,, and the standards of such third country is approved by the
FSA Commissioner, the foreign company might be allowed, under Article 129, Paragraph 2 of the Regulation
for Financial Statements, to include financial statements prepared in accordance with the standards of suchthird country in Foreign Company Registration Statements, Foreign Company Annual Report, or otherdisclosure documents.
(3) Points of considerationa. Cases where the English-Language Disclosure System is not allowed
In cases where the FSA Commissioner deems that the foreign company which submitted a Foreign
Company Registration Statement, etc. does not fall under cases where it may submit such Foreign Company
Registration Statement etc., the FSA Commissioner notifies the company of such result after conducting
hearings with the company.
For example, this includes cases where a Foreign Company Registration Statement, etc. was prepared inaccordance with standards which are inadequate in terms of the public interest or investor protection eventhough such document was made available for public inspection in a foreign country.
(Article 5, Paragraph 9; Article 24, Paragraph 12 of the FIEA, and others)b. Whether a foreign company may submit a portion of disclosure documents by way of the
English-Language Disclosure
Foreign companies with disclosure obligations are allowed to submit only a portion of the documents by
way of the English-Language Disclosure (For example, submitting only the Quarterly Report by way of the
DISCLAIMER: This translation may be used for reference purposes only. This English version is not an official translation of theoriginal Japanese document. In cases where any differences occur between the English version and the original Japaneseversion, the Japanese version shall prevail.

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(Reference Translation)

English-Language Disclosure while submitting Annual Report and the other disclosure documents in theordinary way is not prohibited.)
However, only a foreign company which submitted a Foreign Company Annual Report shall be allowed tosubmit a Foreign Company Confirmation Letter and a Foreign Company Internal Control Report.
In addition, for a foreign company which submitted a Registration Statement and the other disclosure
documents in Japanese, submitting an Extraordinary Report in English as a first disclosure document inEnglish may be inadequate in terms of the public interest or investor protection. As such, it is consideredappropriate that only foreign companies which submitted a Foreign Company Registration Statement, etc.
(excluding a Foreign Company Extraordinary Report) are allowed to submit a Foreign Company
Extraordinary Report.
c. Whether multiple documents disclosed in a foreign country may be submitted as a Foreign Company
Registration Statement, etc.
A foreign company may submit multiple documents disclosed in a foreign country as a Foreign Company
Registration Statement, etc. As such, for example, it may submit both of an Annual Report and a Quarterly
Report subsequently disclosed in a foreign country as Foreign Company Registration Statement, etc. and list
the items which are not provided in any of such documents in supplementary documents as "non-described
items".

4. Supplementary Documents
Foreign companies are required to submit supplementary documents enumerated in the following (1) to (6)with a Foreign Company Registration Statement, etc. (excluding a Foreign Company Extraordinary Report; thesame shall apply in this "4. Supplementary Documents").
As for the supplementary documents, foreign companies are allowed either to prepare individual documents
for each item or to prepare one document which provides all or a portion of the items. (For example, as for"Transition of major management indicators, etc." for which a Japanese translation of the summary including
figures of the indicators for the past five years is required, in cases where only the figures for the last three
years are actually included in a Foreign Company Report, those for such three years shall be summarized inJapanese and those for the remaining two years shall be provided in Japanese as non-described items orprovided in English with a Japanese translation of the summary attached. The foreign companies are also
allowed to prepare a single document which includes all the items.)

DISCLAIMER: This translation may be used for reference purposes only. This English version is not an official translation of theoriginal Japanese document. In cases where any differences occur between the English version and the original Japaneseversion, the Japanese version shall prevail.

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(Reference Translation)

Table 2 List of Supplementary Documents
RequiredSupplementary Documents by Type of the English-Language Disclosure Document
ForeignCompany
Registration
Statement

ForeignCompany
AnnualReportForeignCompany
Quarterly
ReportForeignCompany
Semiannual
ReportForeignCompany
Confirmation Letter

ForeignCompany
Internal
ControlReportStatusReport ofForeign
ParentCompany

○

○

○

○

○

○

○

（○）*

（○）*

（○）*

（○）*

×

×

×

Non-described items

○

○

○

○

×

×

○

Comparison table

○

○

○

○

○

○

○

Certificate ofincumbency,
Power of attorney

（×）**

○

○

○

○

○

○

×

Cover sheet

Cover sheet

Cover sheet

Cover sheet
andothersCover sheet
andothersCover sheet

Supplementary
Documents

Japanese translationof summary
Japanese translationof summary of
non-described items

Others* Out of non-described items, a foreign company is required to attach a Japanese translation of the summary for such items
in cases where it provides the items in English which require such translation of a summary in Japanese.
** For a Foreign Company Registration Statement, these documents shall be submitted as attachments, not as
supplementary documents.

(1) Japanese Translation of Summary
A foreign company is required to attach a Japanese translation of a summary as one of the supplementary
documents on the following items stated in a Foreign Company Registration Statement, etc. (excluding a
Foreign Company Extraordinary Report).
Table 3 Items which require a Japanese translation of a summary
Name ofEnglish-Language
Disclosure Documents
Foreign Company
Registration Statement

Items which require a "Japanese translation of a summary"- Transition of major management indicators, etc.
- Outline of business- Risk Factors- Items other than the above which a foreign company submitting theRegistration Statement deems necessary and appropriate in terms of the
public interest or investor protection

Foreign Company
Annual Report- Transition of major management indicators, etc.
- Outline of business- Risk Factors

Foreign Company
Quarterly Report- Transition of major management indicators, etc.
- Outline of business (where there was a material change in the
consolidated cumulative quarter)- Risk Factors (where there was an event which may have a material
impact on investment decisions including unusual changes in financial

DISCLAIMER: This translation may be used for reference purposes only. This English version is not an official translation of theoriginal Japanese document. In cases where any differences occur between the English version and the original Japaneseversion, the Japanese version shall prevail.

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(Reference Translation)

Name ofEnglish-Language
Disclosure Documents

Items which require a "Japanese translation of a summary"position, business performance, and cash flow situation in suchconsolidated cumulative quarter or there was a material change in " Risk
Factors" described in the Annual Report (Foreign Company Annual
Report) of the previous fiscal year)

Foreign Company
Quarterly Report- Transition of major management indicators- Outline of business (where there was a material change in the interim
consolidated accounting period)- Risk Factors (where there was an event which may have a material
impact on investment decisions including unusual changes in financial
position, business performance, and cash flow situation in suchconsolidated interim accounting period or there was a material change in" Risk Factors" described in the Annual Report (Foreign Company
Annual Report) of the previous fiscal year.)

Foreign Company
Confirmation Letter- Items related to appropriateness of entries in the Annual Report- Special items

Foreign Company
Internal Control Report- Items on basic frameworks of internal control related to financial
reporting- Items related to evaluation scope, base date, and evaluation procedures- Items related to evaluation results- Additional items- Special items

Status Report of Foreign
Parent Company- Financial statements, etc.

(2) Non-described items falling under the items for which Japanese translation of a summary should be
prepared
In cases where there is no description for items which are required to be included in each form corresponding
to a Foreign Company Registration Statement, Foreign Company Annual Report, Foreign Company Quarterly
Report, and Foreign Company Semiannual Report, and such items fall under those for which a Japanesetranslation of a summary should be prepared (specifically, the items enumerated in the preceding (1)),
documents which include such items in Japanese or English are required to be attached as supplementary
documents. A Japanese translation of a summary must be attached in cases where these documents are preparedin English.
(3) Non-described Items
In cases where there is no description for items which are required to be included in each form equivalent to
a Foreign Company Registration Statement, Foreign Company Annual Report, Foreign Company Quarterly
Report, Foreign Company Semiannual Report, and Status Report of Foreign Parent Company (excluding theitems specified in the above (2)), documents which include such items in Japanese or English are required to be
DISCLAIMER: This translation may be used for reference purposes only. This English version is not an official translation of theoriginal Japanese document. In cases where any differences occur between the English version and the original Japaneseversion, the Japanese version shall prevail.

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attached as one of the supplementary documents (however, for a Status Report of Foreign Parent Company,
non-described items which should be translated and summarized in Japanese specified in the above (1) should
be prepared in Japanese).
(4) Comparison Table
For a Foreign Company Registration Statement, etc. (excluding a Foreign Company Extraordinary Report),
foreign companies are required to prepare a comparison table for items in each corresponding form and those in
a Foreign Company Registration Statement, etc. (excluding a Foreign Company Extraordinary Report) to besubmitted.
In cases where one item in such form is referred to in two or more items in a Foreign Company Report, etc.,
all such items are required to be referred in the comparison table.
In addition, description on non-described items is also required to be provided in the comparison table.
(5) Certificate of incumbency and power of attorney
For a Foreign Company Registration Statement, etc. (excluding an Amendment Statement of a Registration
Statement, Amendment Statement of an Annual Report, and Amendment Statement of a Confirmation Letter),foreign companies are required to submit a written statement that proves that the representative of such foreigncompany has legitimate authority related to the submission of a Foreign Company Registration Statement, etc.
and a written statement that proves that a Japan-domiciled party is granted the authority to represent thecompany for all acts related to the submission of a Foreign Company Registration Statement, etc. (As for a
Foreign Company Registration Statement, these documents shall be submitted as attachments, not as
supplementary documents.)
A foreign company is required to select a party who is domiciled in Japan and has authority to represent thecompany for all acts related to the submission of a Foreign Company Registration Statement, etc.
(Article 7 of the Cabinet Office Ordinance on Disclosure of Corporate Information, etc.)(6) Others
Foreign companies are required to attach a cover page in a prescribed form as one of the supplementary
documents with respect to a Foreign Company Registration Statement, etc. (excluding a Foreign Company
Registration Statement). As for a Foreign Company Registration Statement, foreign companies are required toprepare a cover sheet as well as securities information in the prescribed form.
In addition, foreign companies submitting a Foreign Company Confirmation Letter or Foreign Company
Internal Control Report may be required to submit a document which includes items that the FSA
Commissioner deems necessary in light of the public interest or investor protection.

DISCLAIMER: This translation may be used for reference purposes only. This English version is not an official translation of theoriginal Japanese document. In cases where any differences occur between the English version and the original Japaneseversion, the Japanese version shall prevail.

9(Reference Translation)

5. Attachments
The following documents are required to be attached to a Foreign Company Registration Statement.
(Article 5, Paragraph 10 of the FIEA, and others)
Table 4 List of Attachments
Classification of English
disclosure document
Foreign Company
Registration Statement

Statutory attachments- Minutes of board of directors meetings, etc. (a copy of the minutes, etc. ofboard of directors meetings or general shareholders’ meeting in cases where
the issuance of such security is resolved at such board of directors meetings or
general shareholders meeting, or a written statement that proves that thecompany was authorized by administrative agencies (a written statement
containing description sufficient to understand that the company obtained
consent from all incorporators prescribed in Article 32, Paragraph 1 of theCompanies Act); or written statements similar thereto )- A certificate of authorization related to changes in the amount of capital (awritten statement containing description sufficient to understand that thecompany obtained permission, authorization, or approval from administrative
agencies in cases where such permission, authorization, or approval from theadministrative agencies is required for changing the amount of capital of thecompany (including a designated corporation) due to the issuance of suchsecurity)- Written legal opinion by a legal expert (written legal opinion by a legal expert
on the legality of such offering or secondary offering of securities)- Certificate of incumbency (a written statement that proves that the
representative of a foreign company submitting such Securities Registration
Statement is a person who has legitimate authority regarding the registration ofsuch offering or secondary offering of securities)- Power of attorney (a written statement that proves that such foreign company
granted the authority to represent the company for all acts regarding theregistration of such offering or secondary offering of securities to a party
domiciled in Japan.)- Certificate of authorization pursuant to the Foreign Exchange and Foreign
Trade Act (a written statement that proves that such foreign company obtainedsuch permission in cases where it is necessary pursuant to Article 21,
Paragraph 1 or 2 of the Foreign Exchange and Foreign Trade Act)
- A copy of the principal underwriting agreement (a copy of the principal
underwriting agreement that was concluded between such foreign company
and a financial instruments business operator)- A copy of the corporate bond management agreement (in cases where suchsecurity is a corporate bond, etc., a copy of the agreement that such foreigncompany entrusts, to another party, acts to manage obligations and other acts
for creditors or acts for the foreign company as well as a copy of theagreement related to the payment of the principal and interest.)

DISCLAIMER: This translation may be used for reference purposes only. This English version is not an official translation of theoriginal Japanese document. In cases where any differences occur between the English version and the original Japaneseversion, the Japanese version shall prevail.

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6. Submission Deadline(1) Principles
In cases where a foreign company submits a Foreign Company Report in place of an Annual Report, theforeign company is required to submit such report within four months after the end of its fiscal year (please
note that the period is shorter compared to a case where a foreign company submits an Annual Report. In
contrast, a foreign company is allowed to submit an Annual Report within six months after the end of its fiscal
year taking into account the burden of translating into Japanese.).
Foreign companies are required to submit other English-Language Disclosure documents by the samedeadline in accordance with which Japanese companies submit corresponding documents.
(2) Application for extension of submission deadline
Foreign companies shall be allowed to extend the deadline for submission of a Foreign Company Annual
Report, Foreign Company Quarterly Report, and Foreign Company Semiannual Report by obtaining approvalof the FSA Commissioner in cases where it is deemed that they are unable to submit such reports by therespective deadline due to unavoidable reasons such as the laws and regulations or practices in their homecountry.
A foreign company wishing to extend the deadline is required to submit an application for approval andattachments including legal opinions of legal experts, etc. which certifies that descriptions on the laws andregulations or common practices of their home country are true and accurate. These attachments may be
prepared in English.

DISCLAIMER: This translation may be used for reference purposes only. This English version is not an official translation of theoriginal Japanese document. In cases where any differences occur between the English version and the original Japaneseversion, the Japanese version shall prevail.

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(Reference Translation)

Section 2 Position, etc. of the Preparation Guidelines
1. Position of the Preparation Guidelines
Ahead of the amendment to the FIEA in 2011 which included the expansion of the English-Language
Disclosure System, academics, legal experts, securities companies, and other working-level parties discussed
the expansion of the scope for the English-Language Disclosure in the "Disclosure System Working Group"
established by the Financial Services Agency (hereinafter "FSA") in November 2010 (chaired by Professor
Etsuro Kuronuma, Graduate School of Law, Waseda University).
The contents of the discussions in the working group were compiled as the "Disclosure System Working
Group Report -Expansion of Scope of the English-Language Disclosures System-" (released on December 17,2010). In the report, the working group indicated the direction related to the expansion of the scope of the
English-Language Disclosure to offering disclosure documents as well as extraordinary reports. At the sametime, from the viewpoint of firmly establishing practical operations, the working group made therecommendation that "As for the 'Japanese language summary', there were many opinions seeking preparationof guidelines which will be the standard for the scope of summarized information and degree of summary andrelated matters. Regarding how this can be handled, it is expected that a forum be established for the urgent
study of this matter by the FSA and other market participants, and that concrete progress be made".
Based on the above proposal, the preparation guidelines (“Preparation Guidelines”) are created aiming forproviding a guide for preparation of the supplementary documents which require Japanese translations as wellas practical handling of the English-Language Disclosure System from the viewpoint of encouraging the use of
the English-Language Disclosure System.
The FSA specifies in its English-Language Disclosure Guidelines that "It shall be noted that 'Japanesetranslation of a summary', 'non-described items prepared in Japanese or English', and 'a comparison table forissuer information (items in the relevant form) and descried items in a Foreign Company Registration
Statement which correspond to such issuer information' may be prepared in accordance with the preparation
guidelines jointly created and publicized by Tokyo Stock Exchange and Japan Securities Dealers Association".
These “Preparation Guidelines” correspond to such preparation guidelines referred to in the English-Language
Disclosure Guidelines.
In addition, even though some handling is not described in "Points in Preparation" or other sections, it does
not preclude the possibility of such different handling depending on the situation within the scope of laws andregulations and the like. This does not constitute a change to the operational handling which is currently
accepted when a foreign company submits a Securities Registration Statement, an Annual Report, and otherdisclosure documents in Japanese.

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(Reference Translation)

2. Revision Policy for Preparation Guidelines
The Preparation Guidelines shall be revised in the following cases from the viewpoint of maintaining therelevance of its contents.
In revising the guidelines, the Study Group for Preparation Guidelines of a Foreign Company Annual Report,
etc. shall examine the revisions to the Preparation Guidelines.
(1) Where there are amendments to the FIEA and related laws and regulations
As a general rule, revisions shall be made on the effective date of the amendments to laws and regulations.
(2) Others
Revisions shall, as a general rule, be made annually (at the end of December) with respect to updates inconnection to amendments to the laws and regulations of a foreign country as well as changes in the submission
history of Foreign Company Registration Statements, etc.
In addition, a foreign company which discloses documents pursuant to the laws and regulations of a foreigncountry other than the US may submit a Foreign Company Registration Statement, etc. with reference to the"Points in Preparation" and other sections of the Preparation Guidelines. In the future, the study group will also
examine handling for each disclosure document pursuant to the laws and regulations, etc. of foreign countries
other than the US.
END

DISCLAIMER: This translation may be used for reference purposes only. This English version is not an official translation of theoriginal Japanese document. In cases where any differences occur between the English version and the original Japaneseversion, the Japanese version shall prevail.

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