Basic Policy

Based on the principles of transparency, fairness, and consistency, Kyowa Kirin strives to provide timely, accurate disclosure of information to shareholders and other investors in accordance with the Financial Instruments and Exchange Law and the timely disclosure rules of the Tokyo Stock Exchange (TSE). In addition, Kyowa Kirin is committed to the timely, active disclosure of other information that, in the judgment of the Company, will be effective in helping shareholders and other investors to understand Kyowa Kirin.

Method of Disclosure

Important information that is covered by the timely disclosure rules of the TSE is explained to the TSE in advance and then registered and disclosed on TDnet, the timely disclosure system provided by the TSE. After registration on TDnet, the same information is promptly provided to the media and posted on the Company's web site without delay.

Kyowa Kirin also implements measures to maintain fairness in the disclosure of information that is not covered by the timely disclosure rules. These measures include providing such information to the media and posting it on the Company's web site.

Performance Forecasts and Predictions about the Future

Kyowa Kirin provides information related to the future, such as the plans and strategies of the Company and its subsidiaries and affiliates. Also, information—such as that provided to the media, at presentations, in various materials, and in answers to inquiries—may contain predictions and opinions about the future. In both cases, statements other than those about historical or present facts are forward-looking statements. These statements are based on judgments and assumptions made with information available at the time the statements are made. Accordingly, actual performance may differ from these forward-looking statements due to a variety of risks, changes in variable factors, economic conditions, and other factors.

Quiet Period

In order to prevent leaks of financial results information and to ensure fairness, Kyowa Kirin observes a quiet period starting the day after the account settlement date and extending to the results announcement date. During the quiet period, the Company refrains from answering questions and making comments related to its financial results. However, in the event of the emergence during the quiet period of the expectation that the Company's results will change substantially from forecast levels, the Company will make an appropriate public announcement in accordance with the timely disclosure rules. Also, even during the quiet period, the Company will respond to questions that are limited to information that was previously announced.