IR Policy

While recognizing the importance of the activities pertaining to Investor Relations ("IR") face to investors and stockholders, Aplix Corporation ("Aplix") has designed this IR Policy in order to underline its basic corporate principles, business strategy and financial situation in a prompt and adequate way. Concretely, disclosure of relevant information, its posting on Aplix corporate home page, and any other printed materials, as well as the treatment of questions received from stockholders and investors, shall comply with the following principles:

1. Objective and basic policy of IR activities

   Aplix aims at implementing IR activities enabling a fair and correct evaluation of the price of its stock by stockholders, investors and analysts. For this, Aplix shall perform its most reasonable efforts in good faith for considering as a basic stance, the fair, accurate and opportune in time, easy-to-understand information disclosure pertaining to Aplix corporate management plans, business strategy and financial situation.

2. Corporate management of IR activities

   Aplix establishes this IR policy to be applied by itself and its whole corporate group. In relation with the treatment of questions received from investors and stockholders, the corresponding IR representative shall be in charge. Aplix and all its employees shall be legally bound to comply with all applicable laws including the Securities Exchange Law.

3. Basic policy on information disclosure

   Aplix shall perform its most reasonable efforts to disclose, in a prompt and fair manner, information that is not focused on specific individuals or financial institutions. In relation with important corporate information, Aplix shall disclose it promptly in compliance with the pertinent disclosure regulations set forth in the Securities Exchange Law and the Tokyo Stock Exchange. Aplix shall not be allowed to disclose specific information to certain particular individuals exclusively. Even in consideration of information that does not apply to the said disclosure regulations, Aplix shall disclose it, to the possible extent and in an active manner, on its IR web page, in order to provide stockholders and investors with more comprehensive information for their analysis.

4. Information disclosure method

   Aplix shall perform its most reasonable efforts to disclose, in a fair way, information that is not focused on specific individuals or financial institutions. The method used by Aplix to disclose the said information shall be in compliance with the applicable regulations. The Tokyo Stock Exchange shall be informed in advance. Additionally, the said information shall be posted on the TDnet (information system of the Tokyo Stock Exchange), or released publicly to mass media agencies through the journalists club ("Kabuto Club") of the Tokyo Stock Exchange. Furthermore, Aplix shall disclose the corresponding information on the Internet through its home page. Aplix aims at delivering the said information in a prompt and fair way.

5. Concerning Aplix IR home page

   Aplix shall aim at disclosing the corresponding information through its corporate "IR" web site in a prompt and fair way so that the said information is not focused on specific individuals or institutions. Please acknowledge that, although it is Aplix corporate policy to disclose all the applicable, important corporate information in a prompt manner, there may be some cases in which disclosure through the said IR web site may require additional time due to eventual technical problems or difficulties in preparing and posting the said information. Aplix shall pay careful attention to the accuracy of the contents of the posted information. However, Aplix shall not be held responsible for any inconvenience resulting from any eventual error or inaccuracies in the data being downloaded.

6. Concerning sales forecasts and future predictions

   Aplix shall pay particular attention to satisfy the convenience of all stakeholders by disclosing specific corporate earnings' information every quarter, every semester and during the business year. To its possible extent, Aplix shall perform its most reasonable efforts to increase the accuracy of its earnings forecasts and future predictions. Furthermore, Aplix shall promptly disclose information in case of changes in the said forecasts. However, as the said information is based on Aplix assumptions and judgment at that time, and it constitutes a forecast exclusively, Aplix cannot guarantee its accuracy. Aplix shall not be quoted in forecasts elaborated exclusively by analysts, media and other third parties.

7. IR "quiet period"

   In order to avoid the disclosure of information having an influence on the price of the stock during the preparation of materials pertaining to the announcement of financial statements, Aplix shall consider an "IR quiet period" of one month before the expected disclosure day pertaining to every quarter, semester and business year's disclosures. Within the said "IR quiet period," the Members of the Board of Aplix shall be exempted from being quoted in any form by particular stockholders, investors or the mass media, in relation with the contents of financial statements, corporate profits or earning forecasts. Aplix shall also be exempted from organizing and participating in any explanatory meeting (either large or small) with particular analysts or stockholders. However, in case that a forecast released within the said "IR quiet period" is deemed as considerably wrong in its contents pertaining to corporate profits, Aplix shall disclose the pertinent information for rectification. For further information on days of announcement of financial statements, please read the "IR Calendar" posted on Aplix corporate web site.

8. Concerning stock price information

   Stock price depends directly on the purchasing and selling decisions executed in the market. Aplix shall not be quoted in relation with any decision in this regard.

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