Kyushu Financial : Corporate Governance Reports

Corporate Governance

CORPORATE GOVERNANCE

Last updated: June 26, 2020

Kyushu Financial Group, Inc.

Yoshihisa Kasahara, President and Representative Director Phone: [phone] Securities code: 7180 https://www.kyushu-fg.co.jp

This document describes the state of the corporate governance at Kyushu Financial Group, Inc. ("Kyushu Financial")

I.Basic Stance on Corporate Governance and Capital Structure, Business Attributes, and Other Basic Information 1. Basic stance (updated)

The Kyushu Financial Group (the "Group") complies with laws and regulations and ensures appropriate business decision-making and the execution of operations according to its management philosophy, and strives to achieve high degrees of management transparency, openness to the public, and soundness of operation toenhance corporate governance.

1. The Group will respond to the trust and expectations of customers and will provide optimal, high-levelcomprehensive financial services to customers.
2. The Group will grow with local communities and actively contribute to the realization of vibrant communities.
3. The Group will nurture an abundance of creativity and a free-spirited organizational culture, continuing tochallenge itself to move toward a better future.

In accordance with its basic stance on the corporate governance system stated below, Kyushu Financial has decided that it is appropriate to have an established framework in which the Board of Directors that consists of 11 Directors (including 2 External Directors) supervises business decision-making and the performance of Directors' duty, and 5 Auditors (including 3 External Auditors) and the Board of Corporate Auditors audit the status of the decision-making and supervision, thereby enhancing management efficiency and strengthening corporate governance. Hence, we have adopted the current form as a company with a board of corporate auditors.

1. We clearly define supervision and execution in order to establish an environment that allows the Board of
   Directors to focus on the supervision of the performance of Directors' duty, thereby ensuring the effectiveness of corporate governance.
2. The Board of Directors delegates decision-making on the execution of individual operations to SeniorManagement wherever possible unless it involves matters specified in laws and regulations or the articles of

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incorporation, or the execution of material operations such as policies, strategies, or plans pertaining to the operation of the Group.

1. We have in place and leverage optional internal bodies, including the Group Executive Commission and othervarious committees, in order to support Senior Management in prompt and decisive decision-making,thereby ensuring flexible execution of operations and enhancing our corporate governance.
2. We leverage objective views offered by our External Officers wherever possible in order to ensure the fairnessand transparency of our decision-makingprocess pertaining to our operation.

We have also developed and published our "Corporate Governance Guidelines" with the aim of achieving the sustainable growth of the Group and increasing our medium- and long-term corporate value. The Group'sofficers and employees read the Guidelines for a full understanding so that they act accordingly.

(URL:https://www.kyushu-fg.co.jp/company/pdf/201512_govarnance_gideline.pdf)

[Reasons for not applying the principles of the Corporate Governance Code] (updated)

[Principle 3-1 (iv)]	Policy and Procedure regarding the Dismissal of Senior Management
[Supplementary Principle 4-1 (iii)]	Development and Supervision of Plans for Successors of Chief Executive

Officers

[Supplementary Principle 4-3 (iii)] Establishment of an Objective, Timely, and Transparent Procedure forDismissal of CEOs

We have established the Nomination and Remuneration Advisory Committee in order to ensure fairness and transparency in the decision-making process pertaining to the nomination of and compensation to our Directors, Executive Officers (hereafter "Management"), and Auditors. We have continuously discussed actions for theabove principles in terms of transparency, openness to the public, and soundness in our operation.

[Disclosure pursuant to the principles of the Corporate Governance Code] (updated)

(Disclosure pursuant to the principle establishing that specified matters should be disclosed) [Principle 1-4]Cross-held Shares

1. Cross-shareholding policy and criteria for exercising voting rights

Article 23, paragraphs 1 and 3 (Cross-held Shares) of the Corporate Governance Guidelines specify our cross- shareholding policy and criteria for exercising voting rights. Please visit our website where the Article ispublished.

(URL:https://www.kyushu-fg.co.jp/company/pdf/201512_govarnance_gideline.pdf)

• Our Approach to Reduction in Cross-held Shares

The Group holds the review stated in "2. Details of the review concerning cross-held shares" below in accordance with the Corporate Governance Guidelines. If the review has concluded that certain shares do not

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need to be cross-held, we proceed with reduction only when the holders of those shares agree, taking account ofany impact on the market.

• Specific Criteria for Exercising Voting Rights

As a rule, the Group exercises its voting rights for all proposals in accordance with the Corporate GovernanceGuidelines.

We also discuss whether we agree or disagree with each proposal that will likely have an impact on the corporatevalue of our Group and/or the companies in which we invest*.

* The following are examples of proposals.

• Proposal for appointment of a Director/Auditor; proposal for compensation and a retirement bonus (when there is a governance-related concern (e.g., a scandal or poor performance over a certain period)
• Proposal for appropriation of surplus (dividends paid despite a loss; non-dividend despite a surplus for a certain period)
• Proposal for material changes to the article of incorporation
• Proposal for issuance of new shares
• Proposal for material reorganization (e.g., M&A, business merger)
• Proposal for anti-takeover measures, etc.

2. Details of the review concerning cross-held shares

The Group has regularly conducted comprehensive individual reviews of cross-held shares for qualitative (e.g., the purposes of holding the shares and compliance) and quantitative* evaluation in order to determine whetherretaining those shares is still relevant, and has reported the details of the reviews to the Board of Directors.

* Formula for quantitative evaluation

Gross income from business (Interest income + Fee and commissions) + Annual dividend - Expenses - Cost of

credit/Book value ≧ Return on shareholders' equity

Please note that, even when the review concludes that a stock fails to meet the quantitative criteria, we mayretain it if it will likely improve through our dialogue with the issuing company.

We have also set the alarm (watching) point to review and determine whether to retain individual shares thatmay involve market risks to surface.

We also monitor the details and results of reviews by the Group companies and report them to the Board of Directors and other relevant bodies, and ensure consolidated market risk management in order to enhance ourfunctions as a holding company.

[Principle 1-7] Transactions with Affiliated Parties

Please see Article 20 (Prevention of Transactions Adverse to the Interest of Shareholders) of the CorporateGovernance Guidelines published on our website.

(URL:https://www.kyushu-fg.co.jp/company/pdf/201512_govarnance_gideline.pdf)

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[Principle 2-6] Fulfillment of Functions as an Asset Owner of Corporate Pensions

• The Group invests the reserves of the corporate pensions through the corporate pension funds offered by Higo Bank and Kagoshima Bank (hereafter the "Funds"). To ensure stable and long-term total earnings for corporate pensions and the payment of pension benefits over the years to come, we have thorough reviews and discussions with the asset management committees, councils, and board of representatives (hereafter the
  "Bodies") at these Funds and work with investment consultants and sub-advisers, thereby forming optimum pension assets.
• With regard to the investment of reserves, we make the following efforts so that we will serve functions as an asset owner.

• At the Funds, the Bodies discuss matters regarding investments (e.g., the selection of investment products, allocation of investments, and earnings/risk analysis). Then the Funds appraise investments and manage earnings in accordance with the investment policies they have determined. We also conduct overall evaluations and monitoring of investment managers, taking account of their track records, investment policies, investment systems, and investment processes, among others.
• We select the Funds' employees who are qualified in terms of skills in investments and administration (e.g., heads of marketing, personnel, and corporate planning departments; union representatives) as the members of the Bodies at the Funds. Moreover, we assign employees with expertise in investments (e.g., those with experience in marketing) to the position of business managers at the Funds.
• In December 2019, the Funds announced that they would adopt the "Principles for Responsible Institutional Investors <<_japane28099_s stewardship="" code="">>" (hereafter the "SS Code"). In the role of "Institutional investors as asset holders," the Funds will urge sub-advisers to follow the principles of the SS Code, thereby helping increase the corporate value of the companies we invest in and boosting medium- and long-term return on investment.

[Principle 3-1 (i)] The Group's Management Philosophy and Medium-term Management Plan

We have an established Group-wide management philosophy that is made public. The details of the philosophy are stated in "I. 1. Basic Stance" in this document. The Group's medium-term management plan is also publishedon our website.

(URL:https://www.kyushu-fg.co.jp/company/pdf/201805_02plan_cyukan.pdf)

[Principle 3-1 (ii)] Basic Stance on Corporate Governance and Basic Policy

Details are stated in "I. 1. Basic Stance" in this document. Please also refer to Article 3 (The Group's BasicStance on Corporate Governance) of the Corporate Governance Guidelines published on our website.

(URL:https://www.kyushu-fg.co.jp/company/pdf/201512_govarnance_gideline.pdf)

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[Principle 3-1(iv)] Policy and Procedure for Appointment, Dismissal, or Nomination of Directors

Please see Articles 9 (Appointment of Directors) and 12 (Appointment of Auditors) of the CorporateGovernance Guidelines published on our website.

(URL:https://www.kyushu-fg.co.jp/company/pdf/201512_govarnance_gideline.pdf)

We have established the Nomination and Remuneration Advisory Committee in order to ensure fairness and transparency in the decision-makingprocess pertaining to the nomination of and compensation to Managementand Auditors, and continuously discussed our policy and procedure for dismissal of Directors.

[Principle 3-1(v)] Explanation about the Appointment, Dismissal, or Nomination of a Candidate for the Post ofDirector/Auditor

The reasons for the appointment of individual candidates for the posts of Directors at Kyushu Financial are disclosed in the attachment to the Notice of Convening the General Meeting of Shareholders. Copies of the Notice of Convening the General Meeting of Shareholders are mailed to all shareholders. The Notice is alsopublished on our website.

(URL:https://www.kyushu-fg.co.jp/stock/pdf/20200619_soukai.pdf)

The reasons for the appointment of the Full-timeCorporate Auditors are described below. The reasons for the appointment of the External Auditors are stated in "Relations with the Company (2)" under [Auditors] in thisdocument.

Yuichi TanabeIn 2017, Yuichi Tanabe became an Auditor at the Higo Bank, Ltd., one of the companies in the Group. In 2018, Mr. Tanabe started working as an Auditor at Kyushu Financial. He has properly audited the compliance systems and business operation at Kyushu Financial and across the Group since. He has a wealth of knowledge, experience, skills, and proper views on finance and accounting, which

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The exact amount of compensation to each Management member is submitted to the Nomination and Remuneration Advisory Committee for deliberation and determined by the President within the bounds of the total compensation for the fiscal year determined by the Board of Directors.



The total compensation to Management for each fiscal year is submitted to the Nomination and Remuneration Advisory Committee for deliberation and determined by the Board of Directors.

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[Principle 3-1(iii)] Policy and Procedure for Determining Directors' Remuneration

Please see Article 13 (Compensation to Directors and Auditors) of the Corporate Governance Guidelinespublished on our website.

(URL:https://www.kyushu-fg.co.jp/company/pdf/201512_govarnance_gideline.pdf)

We also have the Nomination and Remuneration Advisory Committee as the advisory body for the Board of Directors concerning the nomination of and compensation to Management and Auditors. We follow theprocesses specified below when we make decisions regarding compensation to Management.

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are all invaluable to financial services. We believe that he is well equipped to help us ensure the sound management of the Group, and thus we have appointed him anAuditor.

Hirofumi Kaigakura In 2017, Hirofumi Kaigakura became an Auditor at Kyushu Financial and the Kagoshima Bank, Ltd., one of the companies in the Group. He has properly audited the compliance systems and business operation at Kyushu Financial and across the Group since. He has a wealth of knowledge, experience, skills, and proper views on finance and accounting, which are all invaluable to financial services. We believe that he is well equipped to help us ensure the sound management of theGroup, and thus we have appointed him an Auditor.

We will also ensure accountability should we dismiss a Director.

[Supplementary Principle 4-1 (i)] Summary of the Scope of Delegation to Management

Please see Article 8, Paragraph 2 (Roles of Directors and the Board of Directors) of the Corporate GovernanceGuidelines published on our website.

(URL:https://www.kyushu-fg.co.jp/company/pdf/201512_govarnance_gideline.pdf)

[Principle 4-8] Effective Use of Independent External Directors

We appoint two Independent External Directors and leverage their objective views wherever possible in orderto ensure the fairness and transparency of our decision-makingprocess pertaining to our operation.

[Principle 4-9] Criteria for Independence and qualifications of an Independent External Director

Please see the Attachment (Criteria for Independence of an External Officers) to the Corporate GovernanceGuidelines published on our website.

(URL:https://www.kyushu-fg.co.jp/company/pdf/201512_govarnance_gideline.pdf)

[Supplementary Principle 4-11 (i)] About the Balance between Knowledge, Experience, and Skills Required ofthe Board of Directors

Please see Article 7 (Composition of the Board of Directors) and Article 9 (Appointment of Directors),Paragraphs 2 and 4 of the Corporate Governance Guidelines published on our website.

(URL:https://www.kyushu-fg.co.jp/company/pdf/201512_govarnance_gideline.pdf)

[Supplementary Principle 4-11 (ii)] Directors and Auditors Serving as Officers at Other Listed Companies

Our Directors and Auditors who also serve as officers at other listed companies are disclosed on Page 34 in the Notice of Convening the General Meeting of Shareholders. Copies of the Notice of Convening the GeneralMeeting of Shareholders are mailed to all shareholders. The Notice is also published on our website.

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(URL:https://www.kyushu-fg.co.jp/stock/pdf/20200619_soukai.pdf)

[Supplementary Principle 4-11 (iii)] Summary of Analysis and Evaluation regarding the Overall Effectivenessof the Board of Directors

We analyze and evaluate the overall effectiveness of the Board of Directors annually, referring to our Directors' self-evaluations. The board meeting held in May 2020 conducted the analysis and evaluation for FY 2019 based on self-evaluations of all Directors and Auditors that encompassed how the Board of Directors is composed and how it operates. The meeting concluded that the overall effectiveness of the Board of Directors is ensured, and agreed that the following are the challenges that should be met to facilitate even more active discussions at boardmeetings.

• Having even fuller discussions at the Nomination and Remuneration Advisory Committee
• Having more extensive and in-depth discussions about medium- and long-term issues in order to increase sustainable corporate value

[Supplementary Principle 4-14 (ii)] Policy on Training for Directors and Auditors

Please see Article 14 (Assistance System and Training Policy for Directors and Auditors), Paragraph 1 of theCorporate Governance Guidelines published on our website.

(URL:https://www.kyushu-fg.co.jp/company/pdf/201512_govarnance_gideline.pdf)

[Principle 5-1] Policy on Constructive Dialogue with Shareholders

Please see Article 21 (Dialogue with Shareholders) of the Corporate Governance Guidelines published on ourwebsite.

(URL:https://www.kyushu-fg.co.jp/company/pdf/201512_govarnance_gideline.pdf)

2. Capital structure

	Stock ownership by foreign investors	10% to less than 20%
[Shares held by the largest shareholders] (updated)
	Name			Number of	Proportion
				Shares Held	(%)
	Iwasaki Ikuei Bunka Zaidan			20,936,070	4.75
	Meiji Yasuda Life Insurance Company			18,568,563	4.22
	The Master Trust Bank of Japan, Ltd. (account in trust)		17,091,100	3.88
	The Bank of Fukuoka, Ltd.			12,620,730	2.86
	Japan Trusty Services Bank, Ltd. (account in trust 9)			10,806,700	2.45

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		Japan Trusty Services Bank, Ltd. (account in trust)					10,005,500	2.27
		IR Bank					9,088,000	2.06
		Employees' Stock Ownership Association of The Kagoshima Bank, Ltd.		7,852,995	1.78
		Iwasaki Sangyo					7,616,887	1.73
		Nippon Life Insurance Company					7,361,812	1.67
		Controlling shareholder			-
		Parent company		N/A
Note
		-
3. Business attributes
		Stocks listed on			First Section of the Tokyo Stock Exchange; existing
					section of the Fukuoka Stock Exchange
		Fiscal year-end			March
		Industry			Banking
		(Consolidated) Number of employees at the end of			1,000+
		the previous fiscal year
		(Consolidated) Net sales for the previous fiscal year			100 billion to less than 1 trillion
		Number of consolidated subsidiaries at the end of the			10 to fewer than 50
		previous fiscal year

4. Policy on the protection of minority shareholders when a transaction is conducted with the controlling shareholder

-

5. Other special circumstances that may have a material impact on corporate governance

There are no other special circumstances that may have a material impact on our corporate governance.

1. State of business management bodies pertinent to business decision-making, execution, and supervision and other corporate governance frameworks

1. Matters pertaining to the organizational structure and operation

Organizational form	Company with a board of corporate auditors

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[Directors] (updated)

Number of directors specified in the articles of

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incorporation

Term of office of directors specified in the articles

1 year

of incorporation

Chair of the Board

Chair of the Company (except when he/she also serves

as the President)

Number of directors

11

External Directors appointed?

Yes

Number of External Directors

2

Number of External Directors designated as

2

independent officers

Relations with the Company (1)

Name

Attribute

Relations with the Company (*1)

a

b

c

d

e

f

g

h

i

j

k

Katsuaki Watanabe

from another company

Yuji Nemoto

from another company

*1 Item chosen from the following that describes the appointee's relations with the Company

1. Executive of a listed company or its subsidiary
2. Executive or non-executive director of the parent company of a listed company
3. Executive of a fellow subsidiary of a listed company
4. Person whose major trading partner is a listed company or an executive of the person
5. Major trading partner of a listed company or an executive of the partner
6. Consultant, accounting expert, or legal expert who receives a large sum of money or any other property benefits than executive compensation from a listed company
7. Major shareholder of a listed company (or an executive of the corporation that is the major shareholder)
8. Executive of a listed company's trading partner who is not classified as the partner stated in d, e, or f above (applicable only to the person)
9. Executive of an entity with whom the Company has exchanged employees as External Officers (applicable only to the person)
10. Executive of an entity to which a listed company makes donations (applicable only to the person)
11. Other

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Relations with the Company (2)

	Name			Independent			Note to Supplement			Reason for Appointment
				Officer?			the Chosen Item
	Katsuaki			Yes			Auditor at Sumitomo Electric			Katsuaki Watanabe has a great
	Watanabe						Industries, Ltd.			wealth of experience as well as a
										broad view and extensive knowledge
										that he has acquired as a manager at a
										major manufacturing business. We
										decided that he would provide a
										neutral and objective view necessary
										to supervise the overall operation of
										the Group, and thus we had him on
										board as an External Director. He
										meets the criteria for independence
										specified by the stock exchange and
										fulfills the Criteria for Independence
										of an External Officer that we have
										established.
	Yuji Nemoto			Yes			Professor at Toyo University			Yuji Nemoto engages in regional
										policies as a university professor and
										has a great wealth of experience as
										well as a broad view and extensive
										knowledge as an expert in public
										policy, urban development, and
										regional development. We decided
										that he would provide a neutral and
										objective view necessary to supervise
										the overall operation of the Group,
										and thus we had him on board as an
										External Director. He meets the
										criteria for independence specified by
										the stock exchange and fulfills the
										Criteria for Independence of an
										External Officer that we have
										established.

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Any discretionary committee equivalent to Yes a nomination committee or a compensationcommittee?

Discretionary committees, membership, and attributes of the chair

All

Full-time

Internal

External

External

Committee

Committee

Committee

Other

Chairperson

Director

Director

Expert

Members

Member

Nomination

Committee

Discretionary

Advisory

and

Internal

Remuneration

4

N/A

2

1

0

1

Director

Committee

Nomination

Committee

Discretionary

Advisory

and

Internal

Remuneration

4

N/A

2

1

0

1

Director

Committee

Note

We have the Nomination and Remuneration Advisory Committee as the advisory body for the Board of Directors in order to make our decision-making process fairer and more transparent, thereby helping improve our corporate governance, through focused discussions and exchanges of opinions with Representative Directors and ExternalOfficers about matters pertaining to the nomination of and compensation to Management and Auditors.

[Corporate Auditors]

Board of corporate auditors?	Yes
Number of auditors specified in the articles of incorporation	6
Number of auditors	5

How Auditors, Financial Auditors, and the internal audit unit work together

Our Auditors have experience and insight related to finance and accounting. They meet our Financial Auditors regularly or as necessary to receive reports and exchange opinions as part of their efforts to work closely withthe Financial Auditors.

The Auditors also work closely with the Audit Division, which is our internal audit department, and request the Department to conduct an investigation or take other necessary actions in order to ensure efficient and effectiveaudits.

The Audit Department reports the results of internal audits in the Group, along with the evaluations of the

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Group's internal management process that are based on these audit results, to the Board of Directors regularly or as necessary. If the Department learns about any concerns or problems that may have material effects on our operation, they promptly report them to the Board of Directors and the Board of Corporate Auditors. TheDepartment also works with Financial Auditors for internal control pertaining to financial reporting.

External Auditors appointed?	Yes
Number of External Auditors	3
Number of External Auditors designated as independent officers	3

Relations with the Company (1)

Name

Attribute

Relations with the Company (*1)

a

b

c

d

e

f

g

h

i

j

k

l

m

Kenichi Sekiguchi

from another company

Katsuro Tanaka

Attorney

Yuko Tajima

Attorney

*1 Item chosen from the following that describes the appointee's relations with the Company

1. Executive of a listed company or its subsidiary
2. Non-executivedirector or accounting advisor of a listed company or its subsidiary
3. Executive or non-executive director of the parent company of a listed company
4. Auditor of the parent company of a listed company
5. Executive of a fellow subsidiary of a listed company
6. Person whose major trading partner is a listed company or an executive of the person
7. Major trading partner of a listed company or an executive of the partner
8. Consultant, accounting expert, or legal expert who receives a large sum of money or any other property benefits than executive compensation from a listed company
9. Major shareholder of a listed company (or an executive of the corporation that is the major shareholder)
10. Executive of a listed company's trading partner who is not classified as the partner stated in f, g, or h above (applicable only to the person)
11. Executive of an entity with whom the Company has exchanged employees as External Officers (applicable only to the person)
12. Executive of an entity to which a listed company makes donations (applicable only to the person)
13. Other

Relations with the Company (2)

	Name			Independent			Note to Supplement the Chosen Item			Reason for Appointment
				Officer?
	Kenichi			Yes			Special Advisor at Meiji Yasuda Life			Kenichi Sekiguchi has a great wealth

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	Sekiguchi				Insurance Company			of experience as well as a broad view
					Auditor at Hulic Co.,Ltd.			and extensive knowledge that he has
								acquired as a manager at a major
					The Group has capital ties with Meiji			financial institution. We decided that he
					Yasuda Life Insurance Company.			would provide a neutral and objective
					Meiji Yasuda Life also has regular			view necessary for audits conducted to
					transactions with Higo Bank and			ensure the sound management of the
					Kagoshima Bank, both of whom are			Group, and thus we had him on board
					the Group's wholly owned			as an External Auditor. He meets the
					subsidiaries. The appointee himself			criteria for independence specified by
					has no special interest in the Group.			the stock exchange and fulfills the
								Criteria for Independence of an
								External Officer that we have
								established.
	Katsuro		Yes		Senior Managing Partner of TMI			Katsuro Tanaka has a great wealth of
	Tanaka				Associates, Attorney			experience as well as a broad view and
								extensive knowledge that he has
					Our wholly owned subsidiary			acquired as an attorney. We decided
					Kagoshima Bank has a contract for			that he would provide a neutral and
					legal advisory services with TMI			objective view necessary for audits
					Associates where the appointee works			conducted to ensure the sound
					as Senior Managing Partner. The			management of the Group, and thus we
					appointee himself has no special			had him on board as an External
					interest in the Group.			Auditor. He meets the criteria for
								independence specified by the stock
								exchange and fulfills the Criteria for
								Independence of an External Officer
								that we have established.
	Yuko Tajima		Yes		Partner Attorney of Sawayaka Law			Yuko Tajima has a great wealth of
					Office			experience as well as a broad view and
					Director at the Chiba Bank, Ltd.			extensive knowledge that she has
					Auditor at Tokio Marine & Nichido			acquired as a public prosecutor and
					Life Insurance Co. Ltd.			attorney. We decided that she would
								provide a neutral and objective view
								necessary for audits conducted to ensure
								the sound management of the Group,

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and thus we had her on board as an External Auditor. He meets the criteria for independence specified by the stock exchange and fulfills the Criteria for Independence of an External Officerthat we have established.

[Independent Officers]

Number of independent officers	5

Other matters regarding independent officers

We designate all external officers as independent officers if they qualify.

[Incentives]

Measures taken in relation to the provision of Introduced a performance-linked compensation plan incentives for Directors

Note to supplement the applicable item (updated)

The basic compensation (monthly compensation) to our Representative Directors, Senior Managing Executive Officers and above, and full-time Directors (excluding External Directors) and Executive Officers consists ofdefined salaries and performance-linkedfees.

The payment of performance-linked fees shall be based on the consolidated net income that indicates the overall state of the Group's operation. The payment ratio in percentage ranges from 0 percent to 110 percent according to how much has been achieved toward the target value for the fiscal year set in the second Group-wide medium-term management plan.

Stock options provided for	-

Note to supplement the applicable item

-

[Compensation to Directors]

Disclosed compensation Individual amounts of compensation are not disclosed.Note to supplement the applicable item

The total amount of compensation to Directors is disclosed.

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	Any policy on how to finalize the amounts of		Yes
	compensation or how to calculate the amounts?

Disclosed details of the policy on how to finalize the amounts of compensation or how to calculate the amounts

Compensation, bonuses, and other financial benefits in exchange for the performance of duty that our Directors

and Auditors receive from us shall be determined by the resolution of our general shareholders meeting.

The 1st Annual Shareholders Meeting held on June 21, 2016, discussed monthly compensation to our Officers

and resolved that the compensation to Directors would be capped at ¥25 million (including ¥3 million to External

Directors) and the compensation to Auditors at ¥10 million.

[Support System for External Directors (External Auditors)]

The Corporate Planning Division assists External Directors with their duty, and the Office of the Board of

Corporate Auditors assists External Auditors with theirs.

Board meeting documents are provided to External Directors and External Auditors ahead of the meeting, and

the Corporate Planning Division, which handles administrative work for the Board of Directors, gives them

explanations about the documents before the meeting. External Directors also visit our subsidiaries' stores in

order to provide opportunities for store employees to exchange opinions.

2. Matters pertaining to such functions as the execution of operations, audits and supervision, nomination, and determination of compensation (summary of the current corporate governance framework) (updated)

(1) Board of Directors

Our Board of Directors is defined as the decision-making body for matters specified in laws and regulations orthe articles of incorporation and for the execution of the Group's material operations. Matters to be discussed and standards for monetary amounts have been established and specified in the Rules for the Board of Directors in order to provide clarification regarding supervision and execution.

(2) Group Management and Execution Council

The Group Management and Execution Council consists of Representative Directors and Senior Managing Executive Officers and above, and deliberates and makes decisions on matters delegated by the Board of Directors and discusses material matters concerning the Group's operation. The Council has extensive and in- depth discussions toward prompt and decisive decision-making.

(3) Committees under the Group Management and Execution Council

The following committees each regularly discuss matters for which they are responsible in order to effectively,efficiently, and promptly address the Group's cross-organizationalissues.

• General Budget Committee
  The General Budget Committee discusses the Group's overall budget, progress toward goals, and cross- organizational issues, among others, based on the medium-term management plan.
• ALM Committee

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The ALM Committee discusses the management of and policy on the Group's comprehensive risk, credit risk, market risk, and liquidity risk, along with matters regarding Group-wide revenue management, investments, and procurement.

• CR Committee
  The CR Committee discusses how well the Group's operational risk management and crisis management is working. The Committee also examines the effectiveness and appropriateness of the Group's control environment for legal compliance and discusses cross-organizational issues pertaining to compliance with laws and regulations.
• Organizational Integration and Headquarters Building Construction Committee
  The Organizational Integration and Headquarters Building Construction Committee discusses the integration (e.g., consolidation or unification) of the Group's organizations and functions, along with matters concerning the construction of the headquarters building.
• New Business Development Committee
  The New Business Development Committee discusses matters concerning new businesses launched to help increase the Group's consolidated revenue, the exploration of new revenue sources, and new domestic and overseas markets for our business domains.
• Digital Innovation Committee
  The Digital Innovation Committee discusses matters concerning the development and implementation of policies and strategies regarding how to take advantage of digital technologies adopted to change the
  Group's marketing and business processes and how to develop the infrastructure for these technologies. The
  Committee also examines the effects of these policies and strategies.
• Committee to Combat COVID-19
  The Committee to Combat COVID-19 discusses how to facilitate Group-wide information sharing pertaining to Group's response to COVID-19 and what initiatives the Group has launched for customers and the local economy.

(4) Executive Officers

We have introduced the executive officer system in order to separate the "functions of business decision- making and supervising the performance of Directors' duty" for which Directors should be responsible and the"function of executing operations" for which Executive Officers should be responsible. The separation has led to clear definitions of Directors' and Executive Officers' roles and responsibilities, systematically enabling flexible and efficient execution of operations.

(1) Supervision by the Board of Directors

Our Board of Directors consists of nine Directors who are financial experts and have developed their careers in the Group and two independent External Directors who supervise the overall operation of the Group from aneutral and objective perspective. The Board primarily makes decisions regarding matters specified in laws and regulations or the articles of incorporation as well as the execution of material operations pertaining to theGroup's business, and supervises the performance of Directors' duty.

(2) Audit by Auditors

We have an established framework in which Auditors attend important meetings (including those of the Boardof Directors, the Group Management and Execution Council, and other committees) and receive regular reports and interviews by the Audit Division and risk management departments in accordance with the audit policy and audit plan formulated each fiscal year. Furthermore, Auditors with considerable knowledge about

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corporate management, including finance, conduct monitoring and review related to financial audits.

(3) Internal audit

The Audit Division of Kyushu Financial is independent from the audited departments. The Division audits theappropriateness and validity of the internal management process, which covers risk management, in accordance with the audit policy and plan for the fiscal year. The Division also reports the details of internal audits to the Board of Directors, the Group Management and Execution Council, and Auditors.

(4) Financial audit

We have a financial audit contract with Deloitte Touche Tohmatsu LLC that has been executed pursuant to theCompanies Act and the Financial Instruments and Exchange Act so that Deloitte conducts audits accordingly.

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(1) Nomination and Remuneration Advisory Committee

We have the Nomination and Remuneration Advisory Committee as the advisory body for the Board of Directors in order to make our decision-making process fairer and more transparent, thereby helping improve our corporate governance, through focused discussions and exchanges of opinions with Representative Directors and External Officers about matters pertaining to the nomination of and compensation to Management and Auditors.

(2) Nomination of Management and Auditors

• We consult the Nomination and Remuneration Advisory Committee about candidates for the posts of Directors. Then the candidates are selected by the Board of Directors and appointed at the General Shareholders Meeting in accordance with the articles of incorporation.
• We consult the Nomination and Remuneration Advisory Committee about candidates for the posts of Auditors. Then, after approval is granted by the Board of Corporate Auditors, the candidates are selected by the Board of Directors and appointed at the General Shareholders Meeting in accordance with the articles of incorporation.
• We consult the Nomination and Remuneration Advisory Committee about candidates for the posts of Executive Officers, and then the candidates are appointed at a Board of Directors meeting.

(3) Compensation to Management and Auditors

The 1st Annual Shareholders Meeting held on June 21, 2016, discussed monthly compensation to our Officersand resolved that the compensation to Directors would be capped at ¥25 million (including ¥3 million to External Directors) and the compensation to Auditors at ¥10 million.

At Kyushu Financial, the Board of Directors and (the Board of Corporate) Auditors have the authority to finalize the policy on the determination of the amounts of compensation to Management and Auditors or of how to calculate the amounts. The details of the authority and the scopes of their discretion are as stated below.

• Compensation to Directors shall be determined by the Board of Directors through a fair and transparent deliberation within the amount resolved on at the General Shareholders Meeting. Opportunities to appropriately involve External Directors for advice are provided during this process.
• Compensation to Auditors shall be treated separately from compensation to Directors, and determined through discussions with Auditors within the amount resolved on at the General Shareholders Meeting.
  We also have the Nomination and Remuneration Advisory Committee to follow the processes specified belowwhen we make decisions regarding compensation to Management.

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• The total compensation to Management for each fiscal year is submitted to the Nomination and Remuneration Advisory Committee for deliberation and determined by the Board of Directors.
• The exact amount of compensation to each Management member is submitted to the Nomination and Remuneration Advisory Committee for deliberation and determined by the President within the total amount of compensation for the fiscal year determined by the Board of Directors.
  Furthermore, the basic compensation (monthly compensation) to our Representative Directors, Senior Managing Executive Officers and above, and full-timeDirectors (excluding External Directors) and ExecutiveOfficers consists of defined salaries and performance-linked fees.
  The payment of performance-linked fees shall be based on the consolidated net income that indicates the overall state of the Group's operation. The payment ratio in percentage ranges from 0 percent to 110 percent according to how much has been achieved toward the target value for the fiscal year set in the second Group- wide medium-term management plan.

3. Reason for our current corporate governance framework

Please see "I. 1. Basic Stance" in this document for the reason why we have adopted the current system.

III. Status of measures concerning shareholders and other stakeholders

1. Efforts to revitalize the General Shareholders Meeting and facilitate the exercise of voting rights (updated)

	Note
Early mailing of the	In addition to mailing the notice of the meeting ahead of the statutory deadline, we
notice of convening the	publish the notice on our website and disclose it at the Tokyo Stock Exchange in
General Shareholders	order to make sure that our shareholders have ample time to read all proposals.
Meeting
Scheduling the General	The 5th Annual Shareholders Meeting was held on June 19, 2020.
Shareholders Meeting
for a date on which few
other shareholders
meetings are held
Exercising voting rights	We have introduced an online voting system.
by an electronic means
Participating in an	We use the electronic platform designed for institutional investors to exercise their
electronic platform for	voting rights. The platform is run by ICJ, Inc.
the exercise of voting
rights and other efforts
to improve the
environment for the
exercise of voting rights

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by institutional investors
Preparing the notice of		We publish the notice of the meeting in English on our website and make it available
the meeting (summary)		at the Tokyo Stock Exchange and on the platform for exercising voting rights.
in English
Other		We make the following efforts to ensure that the Shareholders Meeting proceeds
		with clarity and transparency for our shareholders.

• The notice of the meeting includes a list of candidates with their photos.
• Business reports are explained using visuals projected onto a screen.
• In addition to the main venue, satellite venues are set up in order to stream themeeting live for as many local shareholders in distant locations as possible.

2. Status of IR-related activities (updated)

				Note			Briefing by the
						representative?
	Preparing and			Please see Article 25 (Ensuring Appropriate Disclosure of Information
	publishing our			and Transparency) of the Corporate Governance Guidelines published
	disclosure policy			on our website.
				(URL:https://www.kyushu-
				fg.co.jp/company/pdf/201512_govarnance_gideline.pdf)
	Holding regular			We have been holding briefing sessions for individual investors since			Yes
	briefing sessions for			FY 2016.
	individual investors
	Providing regular			We hold semiannual briefing sessions for analysts and institutional			Yes
	briefing sessions for			investors where Management provides explanations about our business
	analysts and			strategies and financial condition.
	institutional investors			In June this year, in response to the coronavirus pandemic, we streamed
				the video of the briefing by Management on our website and held
				individual meetings, including telephone conferences.
	Holding regular			We hold briefings for overseas investors through conferences with			N/A
	briefing sessions for			them organized by a securities company.
	overseas investors			The conference scheduled for March this year was cancelled due to the
				coronavirus pandemic.
	Publishing IR			We publish information about our financial results, information for
	materials on our			timely disclosure, and documents used at corporate recruiting sessions,
	website			among others, on our website.
	Establishing IR-related			IR departments: Public Relations and IR Division
	departments (staff)

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3. Status of efforts toward sustainable relations with stakeholders

		Note
Establishing our		Please see Chapter 3 (Ensuring Shareholders' Rights and Equality) and Chapter 4
determination to		(Appropriate Cooperation with Other Stakeholders Than Shareholders) of the
maintain sustainable		Corporate Governance Guidelines published on our website.
relations with		(URL：https://www.kyushu-
stakeholders in the		fg.co.jp/company/pdf/201512_govarnance_gideline.pdf)
internal rules
Environmental actions		[Our efforts toward a sustainable society]
and CSR initiatives		The Group works to help develop a sustainable local economy and society in
		accordance with its management philosophy.
		To put greater effort into this initiative, we have adopted the perspectives of the
		Sustainable Development Goals (SDGs) set by the United Nations, along with those
		of Environmental, Social, and Corporate Governance (ESG). We have established the
		Sustainability Management Office in order to systemically supervise sustainable
		business activities across the Group, and announced our Sustainability Declaration so
		that the whole Group works toward the development of a sustainable society.
		(Sustainability Declaration)
		1. Efforts toward the development of a sustainable society
		We practice eco-friendly management as part of our efforts to help develop a
		society where each of our customers and local residents will feel content with the
		outlook for life.
		2. Efforts toward local economic development
		We take full advantage of our ability as a regional financial group in order to
		help resolve issues facing our customers and local community, thereby
		contributing to the development of the sustainable local economy.
		3. Efforts toward collaborative growth
		We have constructive dialogue with our customers and local community to
		broaden our network of activities designed to help entire community become a
		sustainable society.
		With this Declaration in mind, we enforced the Guidelines on Investments and Loans
		in July 2019 as part of our efforts to help with the development of a sustainable local
		community through investments and loans, which are our primary business, thereby
		promoting autonomous and responsible investments and loans intended to resolve
		environmental and social issues facing our customers and local community. We also

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actively assist with projects launched to help curb climate change or save biodiversity,or to promote local mainstay industries.

These efforts by the Group toward ESG finance received recognition, and we were awarded the Silver Prize in the Loan Category at the 1st ESG Finance Award Japanhosted by the Ministry of the Environment.

(Our initiatives for environmental actions and community service)

The Group actively works on environmental and social issues in an effort to help develop an enriching local community. Our ongoing initiatives for the environment include planting a watershed protection forest, waterlogging rice fields, andmaintaining a forest in order to preserve local nature's bounty for posterity.

In July 2019, we expressed our support for the proposal by the Task Force on Climate- related Financial Disclosures (TCFD) and announced our Guidelines on Green Purchases in March 2020. We promote purchases that follow the Guidelines and continue to take other green actions across the Group, including the discontinuation of the use of plastic bags for customers as an effort toward departure frommicroplastics.

We also continue our medium- and long-term community service for local revitalization, which consists of our participation in local events, sponsorships forsports and cultural events, and social services, among others.

[The Group's COVID-19 response framework]

Considering the effects of the coronavirus pandemic on the local economy, the Group has set up the Committee to Combat COVID-19 in order to clearly define how the Group will continue to respond as well as to discuss how to facilitate the sharing of information about COVID-19 across the Group and what actions to take forcustomers and the local economy.

(The Group's response to COVID-19)

Creating a Vibrant Local Community with Our Customers and Local Residents

Given the effects of COVID-19 on the local economy, and in accordance with

the Group's management philosophy, our top priority is the safety and security of our customers, local community, and employees. As a corporate group for co- creation of local vitality, the whole of the Group is committed to the creation of a society resilient to epidemics in order to revitalize the economy and develop avibrant local community in cooperation with our customers and local residents.

1. Efforts to help customers continue their business and maintain their livelihoodThe Group fully leverages its financial intermediary services to help customers

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		stay in business and sustain their livelihood. We listen carefully to each customer
		to learn what they need so that we promptly and sincerely work to find a realistic
		solution to their problem.
		2. Efforts toward the revitalization of the local economy
		The Group leverages the consulting services and the ability to find solutions
		that it has developed over the years while actively working in government-
		industry-academia collaboration to help recover the economy and industry across
		the region.
		3. Efforts toward a viable future of the local community
		The Group leverages the local financial and industrial promotion services it
		offers as its permanent effort to work toward the creation of a vibrant local
		community with customers and local residents.
Establishing a policy		We have an established set of rules pertaining to timely disclosure for the purpose of
pertaining to the		providing information to stakeholders, thereby ensuring appropriate information
provision of		disclosure.
information for
stakeholders
Other		Higo Bank and Kagoshima Bank in the Group have made their General Employer
		Action Plans in relation to the Act on the Promotion of Female Participation and
		Career Advancement in the Workplace. These banks have established and expanded
		their internal systems to support employees with children in developing their careers
		while parenting as part of their efforts to facilitate women's successful careers. The
		Group will continue to focus on talent development as a gateway to women's career
		advancement and actively assign female employees to managerial positions.

IV. Matters regarding our internal control system

1. Basic stance on the internal control system and our actions

1. We have established the following in order to ensure that the performance of duty by the Group's Directors,

Executive Officers, and other employees conforms to laws and regulations as well as the articles of incorporation.

A. Kyushu Financial defines compliance as one of its most important management issues. We have establishedthe Group-wideBasic Compliance Policy in order to ensure that Directors, Executive Officers, and other employees in the Group are committed to compliance.

B. Kyushu Financial has the CR Management Division as the Group's compliance management department. Wealso have a committee that regularly meets to deliberate material matters pertaining to compliance across the Group, thereby ensuring that our compliance system fully works and keeps improving.

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C. Kyushu Financial has established the Group-wide Basic Policy on Actions against Anti-social Forces in orderto make sure that Directors, Executive Officers, and other employees in the Group firmly reject any connections with anti-socialforces that threaten the order and safety of civil society.

D. Kyushu Financial has established the Group-wide Basic Management Policy on Customer Protection in orderto make sure that Directors, Executive Officers, and other employees in the Group are committed to protecting customers' interests and improving convenience for customers.

E. Kyushu Financial has established the Group-wide Compliance Hotline Rules. The Group's whistleblowinghotline has been set up according to the Rules to receive reports on any misconduct/violations of laws or requests for consultation about such misconduct or violations, thereby ensuring that appropriate actions are taken to address the problems.

F. Kyushu Financial has established the Group-wide Basic Policy on Internal Audits and Internal Audit Rules.Our Audit Division or the Group companies' audit departments regularly conduct(s) internal audits in order to examine the appropriateness and validity of the Group's control environments for legal compliance and customer protection.

1. We have established the following in relation to keeping and managing information pertaining to theperformance of duty by Directors.

Kyushu Financial has established an independent set of rules about document management to ensure that information pertaining to the performance of duty by our Directors is kept and managed for a reasonable period.

(3) We have established the following in order to manage the risk of losses the Group may incur.

A. Kyushu Financial defines risk management as one of its most important management issues. We haveestablished the Group-wideBasic Policy on Risk Management in order to ensure that Kyushu Financial and its Group companies work together to appropriately manage various risks facing the Group.

B. Kyushu Financial has the CR Management Division as the Group's risk control department, along with acommittee that discusses material matters concerning risk management across the Group, in order to ensure that its risk control works properly.

C. Kyushu Financial has established the Group-wide Basic Policy on Business Continuity in order to ensure thatits business and the Group companies' business continue, and that the whole Group's regular functions recover as soon as possible, in times of crisis.

D. Kyushu Financial has established the Group-wide Basic Policy on Internal Audits and Internal Audit Rules.Our Audit Division or the Group companies' audit departments regularly conduct(s) internal audits in order to examine the appropriateness and validity of the Group's risk management system.

1. We have established the following in order to ensure that Directors in the Group efficiently perform theirduty.

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A. The Rules for the Board of Directors at Kyushu Financial include basic provisions pertaining to how theBoard of Directors is composed and operated. We also have the Group Management and Execution Council and other committees that deliberate and make decisions on matters delegated by the Board of Directors, thereby having in place the business management framework in which the Group is efficiently and appropriately operated in accordance with the Rules for the Group Management and Execution Council and the committees' guidelines.

B. Kyushu Financial has established the Organization Rules and Official Authority Rules that specify itsorganization, operations, and authority in order to ensure that Directors promptly and efficiently perform their duty.

1. We have established the following in order to ensure appropriate operations in the corporate group thatconsists of Kyushu Financial and its Group companies.

A. Kyushu Financial has established the Group Business Management Rules, thereby having in place theGroup's business management framework designed to provide guidance and perform management in order to ensure the subsidiaries' appropriate operation while respecting the Group companies' operational autonomy.

B. Kyushu Financial has the Rules concerning Matters for Discussion with and Reporting by Subsidiaries. TheseRules specify that material matters regarding the Group companies' decision-makingand execution of operations must be discussed with or reported to Kyushu Financial regularly or as necessary in order to ensure that Directors and Executive Officers in the Group efficiently and appropriately perform their duty.

C. Kyushu Financial has the Corporate Planning Division as the department that controls the operation of theGroup companies. The Division provides assistance and guidance pertaining to the subsidiaries' business plans and supervises the promotion of the plans in accordance with the Organization Rules.

D. Kyushu Financial has established the Group-wide Basic Policy on Internal Control pertaining to FinancialReporting in order to ensure its compliance with the accounting standards and other relevant laws and regulations, and the reliability and appropriateness of its financial reporting.

E. Kyushu Financial has established the Basic Policy pertaining to Internal Transactions and the Basic Policypertaining to Internal Business Alliances in order to ensure that transactions within the Group are appropriately conducted in accordance with laws and regulations.

F. Kyushu Financial has established the Group-wide Basic Policy on Internal Audits and Internal Audit Rules.Our Audit Division or the Group's audit departments regularly conduct(s) internal audits in order to examine the appropriateness and validity of the control environment for transactions within the Group.

1. We have established the following in relation to employees assigned as assistants to Corporate Auditors. Kyushu Financial has the Office of the Board of Corporate Auditors as the department that helps Auditors with their duty, and appropriately assigns employees who serve as assistants to the Auditors. Some of these employees

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are the dedicated staff of the Office, and others work also for different departments.

1. We have established the following in order to ensure the independence of the above-mentioned employeesfrom Directors and the effectiveness of instructions given to these employees from Auditors.

A.Kyushu Financial places these employees under the supervision of Auditors in order to ensure theindependence of the employees, who assist the Auditors with their duty, from Directors.

B. Kyushu Financial has established the Rules concerning Employees Serving as Assistants to CorporateAuditors. The Rules specify that the appointment, performance evaluation, or transfer of, or disciplinary action against the employees who assist with the duty of Auditors requires approval from the Auditors.

1. We have established the following in order to ensure that Directors, Executive Officers, Auditors, and otheremployees in the Group, or others who have received reports from them, make reports to Corporate Auditors or other relevant auditors.

A. Kyushu Financial has established the Group-wide Rules of Reporting to Corporate Auditors. When anyDirectors, Executive Officers, Auditors, and other employees in the Group discover a fact that may cause considerable damage to Kyushu Financial or any Group company, they must report the fact immediately to our Auditors or Board of Corporate Auditors according to these Rules.

B. Directors, Executive Officers, Auditors, and other employees in the Group report on material matterspertaining to the execution of operations regularly or as necessary to our Auditors, and take appropriate actions when the Auditors ask them for reporting, pursuant to the Rules of Reporting to Corporate Auditors. Furthermore, if a person receives a report on a material matter pertaining to the execution of operations from any Directors, Executive Officers, Auditors, or other employees in the Group, the person is required to report it to our Auditors.

C. At Kyushu Financial, if Directors, Executive Officers, Auditors, or other employees in the Group need toreport any misconduct or violation of laws they have discovered, there is a system to enable them to report it directly to our Auditors pursuant to the Group-wideCompliance Hotline Rules. Furthermore, the CR Management Division promptly reports on whistleblowing in the Group to our Auditors.

1. We have established the following in order to ensure that those who have made a report to Auditors do notreceive disadvantageous treatment because of the report.

Kyushu Financial has established the Group-wide Rules of Reporting to Corporate Auditors and ComplianceHotline Rules, which forbid disadvantageous treatment of a person who has made a report to our Auditors.

1. We have established the following in relation to the prepayment of the expenses that arise from theperformance of duty by Corporate Auditors, the expenses that arise from reimbursement procedures and other performance of the duty, or the policy pertaining to debt disposal.

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When Auditors request the prepayment of any expenses, Kyushu Financial promptly pays the amount or disposes of the debt, except when it determines that the expenses are not necessary for the Auditors to performtheir duty.

1. We have established the following in order to ensure that effective audits are conducted by CorporateAuditors.

A. Auditors may attend the meetings of the Board of Directors, the Group Management Execution Council, orother committees to offer their opinions in accordance with the Rules for the Board of Directors, the Rules for the Group Management and Execution Council, and the committees' guidelines.

B. Directors exchange opinions regularly or as necessary with Auditors in order to maintain appropriatecommunication.

C. The Audit Division of Kyushu Financial or the audit departments of the subsidiaries regularly report(s) auditresults to auditors and work appropriately with the Office of the Board of Corporate Auditors, thereby ensuring effective audits by Auditors.

2. Basic stance on the exclusion of anti-social forces and our actions

(1) Basic stance

The Group has established the following principles in order to reject any connections with anti-social forces thatthreaten the order and safety of civil society.

A. We take Group-wide measures to handle any unreasonable demands from anti-social forces. These measuresinclude legal responses that involve civil and criminal procedures.

B. We work closely with external professional bodies, including the police and attorneys, in ordinary times aspart of our efforts to prepare ourselves to deal with anti-socialforces.

C. We refuse any transactions as well as any other connections with anti-social forces.

D. Under no circumstances do we provide funds or any other benefits for anti-social forces.

E. We maintain our solid control environment in order to keep anti-social forces excluded and prevent anytransactions with these forces.

(2) Present state

Our CR Management Division manages all information about anti-social forces that Kyushu Financial and theGroup companies have. The Division collects and shares the information whenever possible.

V. Other

1. Anti-takeover measures

Any anti-takeover measures?	N/A

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Note to supplement the applicable item

-

2. Other matters concerning our corporate governance framework

-

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[Corporate Governance Framework] (updated)

[Framework of Timely Disclosure] (updated)

End

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