Policy on Strategic Shareholdings and Review of Their Rationality

「We held 4 unlisted shares and 22 shares other than unlisted shares, and during the fiscal year acquired 7 shares other than unlisted shares and sold 2 shares.」

「For shares held, management meetings and similar bodies verify the rationale for ownership from the perspectives of consistency with the investment purpose at acquisition and our latest business strategy, as well as the benefits and risks of holding the shares. ... With respect to each individual holding, after careful deliberation at management meetings and similar bodies as to whether the benefits consistent with the purpose of maintaining a medium- to long-term relationship were being obtained, we determined that there was a high degree of rationality in continuing to hold the shares.」

「We do not make investments for purely investment purposes and have a policy of holding only shares held for purposes other than pure investment. For shares held, management meetings and similar bodies verify the rationality of continued ownership from the perspectives of consistency with the investment purpose at acquisition and our latest business strategy, as well as the benefits and risks of holding the shares. If, as a result of this verification, we determine that continued ownership has little rational basis, the Board of Directors will consider selling the shares.」