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Disclosure Policy

Basic Information Disclosure Policy

Daicel encourages fair evaluation of its corporate value by fostering an accurate understanding of the Company among its stakeholders, including shareholders and investors. With the aim of building relationships of trust with all its stakeholders, Daicel has opted for a basic policy of disclosing corporate information in a timely, impartial, accurate and proactive manner on an ongoing basis.

Information Disclosure Standards

1.
Daicel discloses information in accordance with the Financial Instruments and Exchange Act and the Company Act (hereinafter referred to as "the Acts and Regulations") as well as the "Rules Governing the Timely Disclosure of Corporate Information by the Issuer of Listed Securities" ("the Timely Disclosure Rules") enacted by the Tokyo Stock Exchange.
2.
The Company will also disclose information that, although not applicable to either the Acts and Regulations or the Timely Disclosure Rules, is deemed useful in assisting all stakeholders in forming a better understanding of the Company.

Information Disclosure Methods

1.
Daicel discloses information that falls under the category of important facts, as defined under the Timely Disclosure Rules, via the Tokyo Stock Exchange's timely disclosure network (TDnet).
2.
Disclosure based on the Financial Instruments and Exchange Act is carried out via the Electronic Disclosure for Investors NETwork (EDINET), the electronic system for disclosure documents such as financial reports that is provided by the Financial Services Agency.
3.
Any information other than that mentioned above is, depending on its level of importance, distributed by press release or posted on the Daicel website, as appropriate.

Quiet Period

To prevent leaks of earnings information and ensure fairness, Daicel has opted to implement a "quiet period," extending from the day after the date of each set of quarterly results to the day of their announcement. In principle, during these quiet periods the Company refrains from commenting on and from replying to questions related to earnings information. However, should there be substantial changes from current forecasts that fall within the guidelines set out in the Timely Disclosure Rules, Daicel will disclose information in accordance with the Timely Disclosure Rules.
The quiet periods have no effect on communications with stakeholders, which continue during such periods within the scope of information based on historical fact, previously disclosed information and qualitative information of management policies and operations-focused measures.