Disclosure Policy

1.Disclosure Criteria

The Company discloses information in accordance with the Securities and Exchange Law, the Company Law, and rules related to the up-to-date disclosure of corporate information of the issuer of marketable securities stipulated by the Securities Exchange (referred to below as timely disclosure rules). In addition, the basic stance of the Company is to strive to fair, up-to-date, and proper disclosure of information as requested by shareholders and investors regardless of whether such requested information is covered by the timely disclosure rules or not.

2.Disclosure Method

The information covered by timely disclosure rules is made available through TDnet (Timely Disclosure Network) provided by the Tokyo Stock Exchange in accordance with the same rules, and the same information is provided as quickly as possible on the Company's website after the release over TD-NET. In addition, consideration is given to providing information that is not covered by the timely disclosure rules to shareholders and investors in a fair, up-to-date, and proper manner based on the idea of timely disclosure.

3.Quiet Period

The Company has established a "quiet period" immediately before the announcement of earnings and refrains from providing comments and responses to inquiries related to earnings in order to prevent the leak of information that could affect the share price during the time the earnings report is being prepared. However, in the case that during the quiet period the possibility arises that there will be substantial difference from previously announced earnings forecasts, this information will be appropriately released.

4.Future projections

Items, such as plans, forecasts, and business targets that are posted on the Company's website and that are not historical facts, are based on decisions and assumptions made by the Company taking into consideration information available at that time. Actual results may substantially differ from these items as a result of various factors. Factors that could affect earnings include economic conditions, the price of oil, the market for and supply and demand trend of petroleum products, and exchange rates, but are not limited to these factors.