Annual Review of the Rationale for Cross-Shareholdings and Policy on Reduction

「For each shareholding, the Board of Directors conducts an annual comprehensive assessment of its significance in the business strategy, including whether the benefits and risks associated with the holding are commensurate with the cost of capital, as well as the business relationship and business alliances.」

「For each shareholding, the Board of Directors conducts an annual comprehensive assessment of its significance in the business strategy, including whether the benefits and risks associated with the holding are commensurate with the cost of capital, as well as the business relationship and business alliances.」

「Our group will hold shares in business partners, including customers and suppliers, as strategic cross-shareholdings only where it reasonably determines that doing so will help maintain and strengthen long-term, stable relationships with the investee, provide benefits from a business-strategy perspective, and contribute to enhancing the corporate value of both the investee and our group. As a basic policy, for holdings deemed to have little significance, we will consider selling them while taking into account the impact on the market and other relevant circumstances. For each holding, we conduct an annual comprehensive review of its significance in our business strategy, including whether the benefits and risks associated with the holding are commensurate with the cost of capital, as well as the business relationship and business alliance, and make an overall determination of whether to continue holding it.」