Basic Policy

UMN Pharma recognizes that timely and appropriate disclosure of corporate information is fundamental to the sound operation of securities markets, and as such we are committed to providing timely, fair and impartial disclosure of information concerning UMN Pharma in order to promote shareholders' and investors' understanding with respect to UMN Pharma and facilitate appropriate investment decisions in UMN Pharma's securities.

Disclosure Standard

UMN Pharma will make timely, fair and impartial disclosure in accordance with relevant domestic and foreign laws and stock exchange rules and, where practicable, will proactively endeavor to disclose such information as UMN Pharma believes may be useful in promoting shareholders' and investors' understanding with respect to UMN Pharma.

Method of Disclosure

Items of information required to be disclosed pursuant to relevant domestic and foreign laws and stock exchange rules are disclosed via the Financial Services Agency's electronic disclosure system (EDINET), the timely disclosure systems of domestic and foreign stock exchanges (including the Tokyo Stock Exchange's TDnet system), the press and other media, and UMN Pharma's corporate website.
Other information will also be disclosed using appropriate methods of distribution such as UMN Pharma's corporate website, depending on the content of the disclosure.

Enhancement of Communications

UMN Pharma will proactively enhance direct communications with shareholders and investors through methods such as presentations and investor meetings and response to day-to-day inquiries.
In addition, UMN Pharma will disseminate requests and feedback received from shareholders and investors broadly within UMN Pharma both as a means to improve investor communication and so that those requests and feedback may be taken into account in management.

Silent Period

In order to prevent information leaks and ensure the fairness of disclosures, UMN Pharma observes an announcement of financial results from the day of the end of the accounting period (including quarterly period) through the release date. During this period, UMN Pharma will refrain from responding to or commenting on inquiries relating to business results. However, where material modification to results forecasts are anticipated to be required during the silent period, UMN Pharma will make necessary disclosures in accordance with applicable stock exchange rules. Also, during the silent period, UMN Pharma will respond to inquiries concerning previously disclosed information.

Forward-looking Information

Projections and other forward-looking information are based on information available to management at the time of disclosure. Such forward-looking statements are based on certain assumptions regarding future performance and prospects, and incorporate various risks and uncertainties. Accordingly, actual results of operations and performance may differ from forecasts or projections contained in information disclosed due to changes in operations and economic conditions and other factors.

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