Established: October 21, 2020

Disclosure Policy
1. Basic policy of information disclosure
We comply with the relevant laws and regulations such as the Companies Act and theFinancial Instruments and Exchange Act as well as the Timely Disclosure Rules
stipulated by the stock exchange on which our company lists. We disclose theinformation on our company and our group to all stakeholders including shareholders
and investors in a fair, timely, and appropriate manner.
We also actively disclose information that does not fall under the related laws andregulations or the Timely Disclosure Rules when we decided it helps stakeholders
deepen their understanding of our company and our group.
2. Method of information disclosure
We disclose the information through the “Timely Disclosure Information Transfer
System (TDnet)” provided by the Tokyo Stock Exchange in accordance with the Timely
Disclosure Rules and also promptly post the same information on our website.
We also disclose the information that does not fall under the Timely Disclosure Rules
by posting it on our website fairly and promptly as much as possible when we decide itis useful.
3. Prevention of insider trading
We make efforts to prevent the leakage of insider information (unannounced materialfacts) to outside and the trading by insiders by establishing internal regulations on theprevention of insider trading.
If occurrence of insider information (unannounced material facts) is found, it will be
notified to the information management supervisor on the internal intranet without delay
and will also be promptly communicated to persons who respond to interviews withshareholders/investors.
4. Quiet period
In order to prevent the leakage of financial statements and to ensure the fairness ofinformation disclosure, we set the quiet period from the day after the due date of eachquarterly financial statements to the day of announcement of the financial statements
and refrain from answering or commenting on questions about the financial statements
and financial outlook. However, even during the quiet period, if any event that needs tobe disclosed in accordance with the Timely Disclosure Rules occurs, it will be disclosed
in a timely and appropriate manner.

5. Forecast, plan, and outlook of performance
The forecast, plan, outlook, etc. of the current and future performance to be disclosed
are based on the information available at the date of disclosure and certain assumptions
which are decided to be reasonable. We will disclose them after paying attention andalso call for attention to the fact that the actual performance and results may be greatly
different due to various factors such as subsequent changes in economic situation andmarket environment.
6. Disclosure of information to third parties and performance forecast by third parties
We will mention only the facts that have already been disclosed, well known, or limited
information such as general business environment etc. to institutional investors, analysts,etc. and fairly provide information so that important information will not be provided
only to the specific third parties.
Also, we will not support any third party’s comments on our company, performance
forecast, etc.
End