Disclosure Policy

Basic Policy on Information Disclosure

Daicel encourages fair evaluation of its corporate value by fostering 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 legal regulation such as the Financial Instruments and Exchange Act and the Company Act (hereinafter referred to as "the Acts and Regulations") as well as the "Rules on Timely Disclosure of Corporate Information by Issuers of Listed Securities" ("the Timely Disclosure Rules") enacted by the Tokyo Stock Exchange.
2.
Even if it is not applicable to either the Acts and Regulations or the Timely Disclosure Rules, we also disclose information which 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 provided by the Financial Services Agency, for disclosure documents such as financial reports.
3.
Any information other than that mentioned above is, depending on its degree 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 replying to questions related to financial results 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 dose not mean a shut down of communications with stakeholders. The company continues to communicate with stakeholders 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.