Disclosure Policy

■ Disclosure of Important Information

Towa Pharmaceutical complies with the Securities Exchange Law, other relevant laws, and the regulations of the securities market, and strives to disclose important business information in a timely and an appropriate manner so that all shareholders and investors are aware of and able to assess the company's business status accurately.

■ Fair Disclosure

When disclosing information, Towa Pharmaceutical strives to achieve fair information disclosure so that information is not disclosed selectively to any specific shareholders or investors, in terms of either content or timeliness.
(The period from the final day of each quarter until the day that quarter's results are announced is a silent period. We generally do not make any externally directed comments or respond to any inquiries regarding that quarter's results during this period.)

■ Disclosure Methods

Towa Pharmaceutical uses a variety of means of disseminating information, including the timely disclosure network (TDnet) of the Tokyo Stock Exchange, the Towa website, financial analyst meetings, one-on-one meetings with investors, and other media. We strive to disclose information in the ways that it will be most easily accessible to the greatest number of shareholders and investors.

■ Development of Internal Systems

Towa Pharmaceutical will strive to develop and strengthen its internal systems so that the above mentioned information disclosures are appropriately implemented.
(Department responsible for information disclosure: Public Relations and Investor Relations Department)