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IR Policy

Introduction

ESPEC CORP. (hereinafter, "ESPEC")'s corporate philosophy emphasizes the development of better relationships and enhanced value exchangeability with all stakeholders, and the fulfillment of social responsibilities as a good corporate citizen. This philosophy is reflected in ESPEC's clearly defined investor relations IR policy, as detailed below.

1. Aims

In conducting IR activities, ESPEC aims to deepen understanding of ESPEC among all of its stakeholders, including shareholders and investors, and build closer relationships of trust, thereby ensuring that its corporate value is fairly assessed. ESPEC also hopes to enhance the quality of management by effectively incorporating feedback and evaluations from the market into its corporate activities.

2. Basic Stance

ESPEC recognizes that it is an important responsibility of management to disclose corporate information properly and promptly, and has remained faithful to the basic stance to provide accurate corporate data consistently, in good faith, fairly and in a timely manner, irrespective of whether business performance is favorable or not.

3. Department and Officer in Charge of IR

ESPEC's IR activities are administered mainly by the Administration Headquarters and supervised by the director in charge of administration. As a rule of thumb, the president, directors and chief officers in charge of each headquarters provide shareholders with explanations in the Company's IR activities. However, the department in charge of IR shall provide those explanations depending on the agenda, scale and other aspects of IR events. The Administration Headquarters, as the department in charge of IR, responds to inquiries regarding ESPEC's IR activities from shareholders.

This department in charge of IR plays a central role facilitating coordination with the relevant departments to help smooth the dialogue with shareholders.

4. Information Disclosure Standards

ESPEC discloses information in accordance with the relevant laws and regulations, including the Companies Act, the Financial Instruments and Exchange Act, and the timely disclosure rules stipulated by the stock exchange. ESPEC will also proactively and fairly provide information that may contribute to a better understanding of its activities, even if its disclosure is not required under any of these laws and regulations.

ESPEC has also established an Information Disclosure Committee as its body for deliberating the disclosure of information.

Figure: Information Disclosure Standards

5. Means of Information Disclosure

Timely disclosure of information in line with the Tokyo Stock Exchange's rules is announced on TDnet (the Tokyo Stock Exchange's company announcements disclosure service) Information disclosed on TDnet is also simultaneously announced on ESPEC's website. In addition, the Company conducts financial results presentations, individual face-to-face meetings, and factory tours and so forth with institutional investors and securities analysts. Individual investors are provided with IR events and opportunities to converse with ESPEC's corporate officers following the Shareholders Meeting. The Company is also working continually to enhance its shareholder newsletters, fact book, IR site within the corporate website, and other IR tools.

6. Feedback to Management

Opinions and questions from shareholders obtained through the IR activities are reported periodically to the Company's Board of Directors.

7. Future Plans and Forecasts

Information disclosed by ESPEC may include performance forecasts or other references to the future outlook. Such references reflect ESPEC's plans and forecasts based on information available at the time, and it is possible that actual results will vary from figures cited in plans due to various fluctuations in the business environment. For this reason, ESPEC provides no firm guarantee that forecasts will be realized.

8. Quiet Period

ESPEC maintains a two-week quiet period before the scheduled publication of its financial results in order to prevent any possible leakage of information that might influence the share price while the results are being prepared for publication. During this period, no IR activities will be undertaken, including responses to media coverage, in principle. However, relevant information will be disclosed as necessary in accordance with the disclosure rules if it is anticipated that the results will vary significantly from performance forecasts.

9. Management of Insider Information

ESPEC strives to prevent insider trading by providing personnel in charge of IR with training on the management of confidential and other insider information, and rigorously enforcing compliance with its IR policy and other relevant internal rules.

10. Ensuring Internal Compliance with IR Policy

ESPEC is fully aware of the importance of IR and will continue to ensure full internal compliance with its IR policy through employee education.

ESPEC CORP.

Established: September 1, 2004

Revised: December 7, 2015