Disclosure Policy

1. Purpose

The Company has established a basic policy on information disclosure (Disclosure Policy) to build long-term relationships of trust with all stakeholders, including shareholders and investors in Japan and abroad, based on the spirit of "co-creating a brighter future" described in its Management Vision. We hereby publish this policy and appropriately execute disclosure operations, while realizing constructive dialogues with shareholders and investors and enhancing bilateral communication with them. With these efforts based on the "Policy on Promoting Constructive Dialogue with Shareholders (PDF 57 KB)" set forth in the Corporate Governance Guidelines, we aim to maintain and improve corporate value over the medium to long term.

2. Standards for Information Disclosure

In order to disclose information in a timely and appropriate manner, we defined a division in charge of the aggregation and management of various information, which shall ensure the accuracy and legality of the information as well as the sufficiency and clarity of its contents. With respect to the disclosure of important information, such as financial statements and other facts that have an impact on the investment decisions of shareholders and investors, we comply with the Timely Disclosure Rules of the Tokyo Stock Exchange (hereinafter "Disclosure Rules") and the "fair disclosure rule" stipulated in the Financial Instruments and Exchange Act. For the handling of information that is useful to shareholders and investors and matters other than timely disclosure information that may have a material impact on the Company's business performance and credibility, we have an "Information Disclosure Committee" comprised of cross-divisional members. The committee checks information that should be disclosed from a multifaceted perspective, deliberates on the necessity of disclosure, and then discloses the information.

3. Methods of Corporate Information Disclosure

Information that falls under the Disclosure Rules is disclosed on the website of the Tokyo Stock Exchange through TDnet, a timely disclosure information transmission system, as well as the Company's official website under the sub-headings of News Releases and IR Information, in an effort to provide information in a timely and appropriate manner. Through our official website, etc., we also actively and fairly disclose information that we believe will help shareholders and investors better understand our operation, even if such information does not fall under the Disclosure Rules. We also distribute information through the mass media and other means. In addition, for fair and equitable information disclosure to all shareholders and investors both in and outside Japan, we actively prepare English versions of materials, and disclose them on our website.

4. Silent Period

To prevent the leakage of account settlement information and ensure the fair and equitable disclosure of information, we designate a fixed period of time immediately prior to the scheduled date for the announcement of financial results as a "Silent period," during which we refrain from commenting on matters relating to the settlement of accounts and from replying to questions on such matters. Nevertheless, in the event that it becomes likely, during the silent period, that the Company's business performance forecasts will be subject to significant change, we issue reports on such issues in line with the timely disclosure rules. Even during the silent period, we respond to questions submitted to us if they concern information that has already been disclosed.

5. Forward-Looking Statements

Business forecasts are based on assumptions in light of the information available as of the date of announcement of the financial results and uncertain factors that may possibly impact the future results of operation. These statements do not mean that the Company pledges to realize such statements. Actual results may differ significantly from those presented herein as a consequence of numerous factors such as the financial markets, economic conditions and fluctuations in land prices.

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