Reviewing the rationale for cross-shareholdings and selling shares when appropriate

「At meetings of the Board of Directors, the Company individually verifies the rationale for ownership by obtaining as much quantitative information as possible, including the status of valuation gains and losses on shares based on the share price at the reference date, expected dividends based on projected dividend amounts, transaction results for the fiscal year and trends based on earnings forecasts for each company whose shares are held.」

「The Company will hold shares of customers and business partners only when it reasonably determines that doing so is necessary to strengthen stable relationships and contributes to enhancing corporate value over the medium to long term. It will consider selling cross-shareholdings whose rationale for ownership is weak, as appropriate. / The Company will reasonably determine whether continued ownership is appropriate by examining the benefits of ownership, including dividends received, valuation gains and losses over a specified period, and the contribution to business performance such as order values, against the capital cost of ownership.」

「The Company will hold shares of customers and business partners only when it reasonably determines that doing so is necessary to strengthen stable relationships and contributes to enhancing corporate value over the medium to long term. It will consider selling cross-shareholdings whose rationale for ownership is weak, as appropriate.」