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Timely Disclosure System

[As of July 29, 2019]

Disclosure policy

In order to provide all shareholders and investors with fair and accurate information, the Company discloses information and other important information in a timely manner in accordance with the timely disclosure rules set forth by the Tokyo Stock Exchange. In addition, the Company actively discloses information on the CRESCO Group when judging that such disclosure is meaningful.

Disclosure method

The Company discloses information that applies to the timely disclosure rules in accordance with the said rules by providing advance explanations to the Tokyo Stock Exchange followed by registration on the timely Disclosure network (TDnet) provided by the said Exchange and posting the same disclosure materials to the Kabuto Club of the Tokyo Stock Exchange as well as publicizes the information on the Company's website.

Internal system

The Group Business Promotion Unit exercises supervision over the collection and management of information for the Company and companies of the CRESCO Group. The General Manager of the Group Business Promotion Unit is responsible for handling information, and when becoming aware of any piece of information concerning business, operation or operating performance of a company that may significantly impact investment decisions set forth in the Securities Listing Regulations, etc., the Manager reports the matter to the Representative Directors as well as discusses the matter with relevant departments.
The Public Relations & IR Office is primarily in charge of preparing the disclosure materials in accordance with relevant laws and regulations, etc., and promptly proceeds with the disclosure procedure. Disclosure materials are submitted to the Representative Directors after holding discussions on them with relevant departments and are addressed to the Board of Directors for resolution before making the disclosure on a timely and properly basis. In disclosing corporate information, the Company follows the system below depending on the contents of corporate information.

(1) Decisions

Based on the Company's policy to ensure speedy decision-making, important decisions are made, as a general rule, at the periodical meeting of the Board of Directors held once a month and, if necessary, at the extraordinary meeting of the Board of Directors held for that purpose. Material facts decided on are studied to determine the need for disclosure primarily by the manager responsible for handling information in accordance with the timely disclosure rules set forth by Tokyo Stock Exchange, Inc. (hereinafter, "Timely Disclosure Rules"), and efforts are made to promptly disclose the information as needed. The Company works to disclose corporate information in an accurate, fair manner by having the Audit and Supervisory Committee Members attend the Board of Directors' meetings and further receiving audits and advice from the Accounting Auditors and receiving advice from attorneys-at-law as needed.

(2) Facts arising

When a material fact arises, the Director responsible for the respective division shall address and report the matter to the Board of Directors. Facts relating to compliance are deliberated by the Group Business Promotion Unit, and the General Manager of the Group Business Promotion Unit refers and reports the facts to the Board of Directors. The officer responsible for handling information takes the lead in studying the material facts reported and determining the need for disclosure in accordance with the Timely Disclosure Rules, and, if it is determined that disclosure is necessary, efforts are made to disclose the information quickly. Furthermore, the Company works to disclose corporate information accurately and fairly as needed by receiving audits and advice from the Accounting Auditor and attorneys-at-law.

(3) Information on financial results

The Accounting & Finance Unit reviews information on financial results whenever necessary based on monthly financial results and checks the need for revising the financial forecast, and the financial figures to be announced are prepared in the month following the quarterly, interim and year-end financial closing dates. The Company receives audits of the audit corporation while the financial closing operations are concurrently performed by the Accounting & Finance Unit for the quarterly, interim and year-end financial closing periods. Information on financial results to be disclosed is fully addressed to the Board of Directors for deliberation and approval and is disclosed on the date of the meeting of the Board of Directors.
The Audit and Supervisory Committee Members attend the meetings of Board of Directors while separately exchanging information with the audit corporation on a periodical basis. Meanwhile, the Internal Audit Office performs audits of all departments systematically. With these systems in place, the Company works to disclose financial information in a quick, accurate and fair manner.

Overview of Timely Disclosure System