Policy on constructive dialogues with shareholders

We find it indispensable to have constructive dialogues with shareholders and investors in achieving sustainable growth and medium- to long-term enhancement of corporate value. We have therefore identified investor relations (IR) activities as one of the management priority issues. In addition to acknowledging accountability as a public company, we aim at raising transparency in management and being a company trusted by shareholders and investors, through consistent disclosure of articulate messages and dialogues.

1.

We appoint the Director of the CEO’s Office as executive officer in charge of IR.

2.

The CEO’s Office is in charge of IR and seeks cross-organizational collaboration with other departments.

3.

A corporate briefing for shareholders is held once a year; results briefings are held each quarter; and small meetings with President and CEO and the executive officer in charge of IR are held as needed.

4.

Opinions, concerns, and other feedback generated from IR activities are reported to the Board of Directors and executive officers and the issues are shared.

5.

With regard to dialogues with shareholders and investors, we take heed to the “Regulations on insider trading” and the “Regulations on the management of information security” to prevent leakage of undisclosed significant internal information. In addition, a period from the day after a closing date of each quarter to the announcement date of financial results is identified as a quiet period and we will not make comments or respond to inquiries related to financial results.