I. Basic policy on information disclosure
PARCO Group is creating new added value and proposing ways to enrich urban consumer lifestyles through the three social responsibilities of ‘incubation’, ‘urban revitalization’ and ‘ability to communicate trends’ as set forth in our long-term vision towards becoming a business group that prospers in urban markets.
PARCO strives to present all our stakeholders, including shareholders and investors, with timely information that is fundamentally transparent, balanced and consistent. As well as increasing management transparency, PARCO endeavors to build trusting relationships with all stakeholders and promote a deeper understanding of the company through the timely disclosure of relevant information. To ensure PARCO’s disclosures are carried out consistently with proper standards, methods and framework, our disclosure policy is as set out below.

II. Information disclosure standards
PARCO discloses information in compliance with regulations including those set out by the Financial Instruments and Exchange Act and the Tokyo Stock Exchange rules on timely disclosure. Information deemed relevant for investment decision making that does not fall under rules on timely disclosure will also be proactively released.

III. Information disclosure methods
All information that falls under the Rules on Timely Disclosure will be disclosed in accordance to those rules using the Timely Disclosure Network system (TDnet) provided by the Tokyo Stock Exchange. In principle, publicly released information will be posted promptly on the PARCO website. Information that doesn’t fall under rules on timely disclosure will also be publicly released using the website.

IV. Improving information disclosure and investor relations
In order to encourage understanding of the company, PARCO is improving content such as the ‘About Us’ and ‘Investor Relations’ sections of the website, as well as carrying out the effective disclosure of information through a variety of information media. PARCO is also proactively releasing information through channels such as RSS and SNS. In addition, PARCO is committed to building a relationship of trust with all investors and shareholders, actively engaging in dialogue to facilitate understanding of the company, and further encouraging IR activities that contribute to improving corporate value over the medium and long term. When PARCO receives a request for constructive engagement from shareholders or investors, the intent and meaning of the request is carefully considered, and the Managing Executive Officer for the IR Office, President and Representative Executive Officer, or Executive Officer of the relevant business division will respond as appropriate. The IR office cooperates closely with related divisions within the company, working to improve the understanding of PARCO’s engagement policy and help other divisions take an active role in engagement.

V. Gag periods
To avoid leaks of accounting information and to ensure fairness, gag periods have been established which last several weeks leading up to the time accounting information is announced. During these periods, the company refrains from commenting on or responding to questions about this information. However, in the event of a distinct gap between a performance forecast issued during the gag period and the one previously announced that falls under timely disclosure regulations, the information will be disclosed as appropriate through TDnet and press releases.

VI. Handling of information prior to public announcement and disclosure of information to third parties
PARCO enforces strict guidelines regarding the internal handling of information that has not yet been made public or is part of a voluntary disclosure, in order to prevent selective disclosure to certain investors. In addition, discussions in individual meetings with institutional investors, analysts, and other similar parties will be limited to public information, previously disclosed information, and general information concerning PARCO’s business environment.

VII. Concerning forecasts
Forward looking information currently released by PARCO including business plans, strategies, convictions and financial forecasts (from here on ‘financial forecast, etc.’) is based on the company’s judgment using the information available at the time, including potential risk and uncertainties. Therefore please understand that various factors such as changes in the economic situation and market environment may result in actual business content and results differing greatly from financial forecasts, etc.