1. Nippon Steel’s Values

Nippon Steel’s corporate philosophy mandates that Nippon Steel “pursue world-leading technologies and manufacturing capabilities, and contribute to society by providing excellent products and services,” and the code of conduct requires that Nippon Steel “actively engage with the public, disclosing corporate information in a fair and proactive manner, while carefully protecting and managing personal data and other types of information.”

In order to realize sustainable growth and improve Nippon Steel’s corporate value in the mid- to long-term, Nippon Steel recognizes the importance of ensuring the understanding of the shareholders and investors with respect to Nippon Steel’s management policies and business activities, and earning their confidence, by means of timely, appropriate, and fair information disclosure, and constructive dialogue based on its corporate philosophy and code of conduct stated above.

Nippon Steel will meet the expectations of the shareholders and investors for sustainable growth and improvement of its corporate value in the mid- to long-term, by steadily implementing its management plans, as well as further enhancing information disclosure and dialogue.

2. Information Disclosure

(i) Basic Policy on Information Disclosure

Nippon Steel will comply with the Companies Act, the Financial Instruments and Exchange Act, and other applicable laws and regulations, and timely disclosure rules and other applicable rules stipulated by the financial instruments exchanges on which Nippon Steel lists its securities, and disclose information in accordance therewith.

In addition, with respect to financial and non-financial information other than that stated above, Nippon Steel will disclose the information concerning corporate decisions, occurrence of facts, and financial results all of which are considered to be material and likely to affect investment decisions, in a timely, appropriate and fair manner.

(ii) Method of Information Disclosure

With regard to information that the Companies Act requires to be disclosed (such as term reports), Nippon Steel will disclose such information in an appropriate manner, such as by notifying it to all shareholders, as well as promptly posting it on Nippon Steel’s website. With regard to information that is required to be disclosed by the Financial Instruments and Exchange Act and the timely disclosure rules and other applicable rules stipulated by the financial instruments exchanges, Nippon Steel will disclose it using “Electronic Disclosure for Investors’ NETwork (EDINET)” provided by Financial Services Agency, and “Timely Disclosure network (TDnet)” provided by Tokyo Stock Exchange, as well as by promptly posting it on Nippon Steel’s website. As for information other than the above, Nippon Steel will disclose it in an appropriate manner, such as through Nippon Steel’s website, depending on the content of the information.

Nippon Steel will also promptly disclose, in English, “Term Report” and other relevant documents, the information required to be disclosed under the timely disclosure rules and other applicable rules as stated above, and the information concerning corporate decisions, occurrence of facts, and financial results all of which are considered to be material and likely to affect investment decisions, through Nippon Steel’s website and other methods.

(iii) Earnings Forecast and Future Outlook

The earnings forecast and future outlook disclosed by Nippon Steel is based on the information available at the time of disclosure and certain assumptions, and may not be interpreted as a promise or guarantee of the figures planned for the future, or the realization of the measures.

Furthermore, please be aware that Nippon Steel may well change, without prior notice, its earnings forecast and future outlook, due to factors after disclosure, such as various risks and indeterminate or uncertain matters, and that the actual business performance and figures and other results may materially differ from the forecast and outlook.

(iv) Quiet Period

For the purpose of preventing leaks of information on financial results, and ensuring fair disclosure, Nippon Steel sets, as a quiet period, a certain period before the date of announcement of the annual and quarterly financial results, and during the quiet period, Nippon Steel refrains from replying to, commenting on, and otherwise responding to, any inquiries concerning the business performance and its associated matters; however, when the earnings forecast is likely to be materially amended, Nippon Steel will appropriately disclose such information pursuant to the rules stipulated by the financial instruments exchanges and other applicable requirements. Please also note that even during the quiet period, Nippon Steel will deal with inquiries concerning previously-disclosed information.

3. Initiatives regarding Dialogue and Related Matters

(i) Basic Principle on Dialogue

With a view to achieving sustainable growth and improvement of Nippon Steel’s corporate value in the mid- to long-term, Nippon Steel takes various measures to enhance constructive dialogue with the shareholders. The dialogue with the shareholders and investors is generally supervised by the Director responsible for General Administration and the Director responsible for Accounting and Finance, and the General Administration Division and the Accounting & Finance Division work in conjunction with the other divisions of Nippon Steel to enhance the measures.

(ii) Initiatives for Dialogue Enhancement

For shareholders, in addition to striving to actively provide information to the shareholders and sincerely responding to their questions and comments in the General Meeting of Shareholders, Nippon Steel seeks to promote understanding of its management situation, and enhance dialogue, through holding management business briefings and plant tours regularly, in various locations, and issuing information booklets. On the other hand, for institutional investors, Nippon Steel not only explains its management strategies, business lineups, business performance, and other related matters, by means of briefings on financial results in each quarter, briefings on the mid-term management plan, steelworks/research laboratory tours, and other opportunities, but also seeks to enhance dialogue by means of, among others, small meetings for investors, various conferences, and visit to overseas institutional investors.

(iii) Feedback to the Board of Directors and Executive Officers

The opinions and other comments received from the shareholders and investors through the above-listed initiatives are reported and fed back to the Board of Directors and others responsible for the dialogue with the shareholders and investors on a regular basis.

(iv) Measures to Manage Insider Information

Insider information (undisclosed material facts) is appropriately managed in accordance with Nippon Steel’s rules, “Rules on Insider Information Management and Insider Trading Regulations.”