Basic Policy

• (1) The basic policy of Morinaga Milk Industry Co., Ltd. (the "Company") is to disclose management information to all stakeholders in a timely, accurate, clear, fair, and ongoing manner in compliance with laws and regulations.
• (2) The Company believes that the establishment of appropriate relationships of trust with the shareholders and investors is a particularly important management issue and endeavors to enhance interactive communication with the shareholders and investors.
• (3) The Company recognizes IR as an important management activity and does its best to ensure management transparency by remaining fully accountable for all of its corporate activities.

Criteria for Information Disclosure

• (1) The Company complies with various laws and regulations such as the Financial Instruments and Exchange Act and Company Law (the "various laws and regulations") and the "Rules on Timely Disclosure of Corporate Information by Issuers of Listed Securities" stipulated by the Tokyo Stock Exchange (the "Timely Disclosure Rules"), and discloses information in a timely, accurate, clear, fair, and ongoing manner.
• (2) The Company discloses any information that is deemed beneficial to the shareholders and investors, excluding important data related to competitive strategy of individual businesses and significant trade secrets, in a timely, accurate, clear, fair, and ongoing manner, even when the relevant information does not constitute important facts stipulated by the various laws and regulations and Timely Disclosure Rules.

Information Disclosure Method

• (1) Any important information falling under the Timely Disclosure Rules stipulated by the Tokyo Stock Exchange is disclosed by the Company through "TDnet," the transmission system provided by the Tokyo Stock Exchange for disclosing information. Promptly thereafter, the same information is disclosed on the Company's website (the "Website").
• (2) Information disclosure in accordance with the Financial Instruments and Exchange Act is conducted through EDINET (an electronic disclosure system provided by the Financial Services Agency for disclosing documents such as securities reports).
• (3) In addition to the information mentioned above, the Company promptly discloses any information that affects investment decisions by issuing press releases and holding press conferences and briefings as appropriate, depending on the importance and urgency of the information.
• (4) The Company posts the information disclosed according to (1) and (2) above on the Website promptly after disclosure. In addition, the Company discloses information in English to the extent necessary for the convenience of the shareholders and investors.
• (5) The Company endeavors to further enhance the " Investor relations " section of the Website, to accurately disseminate information to various media, and to disclose information in a user-friendly manner in an environment that remains accessible to shareholders/investors through briefings, a wide variety of printed materials, and information media of various other forms.

Matters Concerning Performance Forecasts and Future Prospects

All plans, policies, and statements in the disclosure materials of the Company other than past facts are based on management assumptions and opinions formed on the basis of information currently identified. Therefore, the actual performance of the Company may differ from forecasts as a consequence of various factors. In addition, materials are disclosed for the purpose of giving the public a fuller understanding of the Company, not necessarily for recommending investment.

Silence Period

In order to ensure fairness and the thorough management of insider information, the Company sets a silence period from the day following the settlement date of each quarter to the settlement announcement date. Please understand that the Company will refrain from offering comments and replies to questions regarding settlement during this period. If, however, the Company recognizes, during the silent period, that the actual results may deviate significantly from the performance forecast, the Company will disclose that information according to the disclosure rules as appropriate. With regard to inquiries received regarding information already published, the Company will respond even during the silent period.