Verifying the Rationale for Cross-Shareholdings

「Every year, the board of directors individually examines the significance and profitability of holdings of cross-shareholdings and whether the risks associated with holding them are commensurate with the cost of capital. We will consider selling shares when the rationale for continuing to hold them is judged insufficient.」

「With respect to shares held for investment, the company decides whether to acquire new holdings or continue holding them after comprehensively considering its business strategy, business relationships and other factors and verifying the rationality and necessity of holding them from a medium- to long-term perspective. When it holds shares for policy purposes, the Board of Directors considers the rationale for holding them, including business alliances and the maintenance or strengthening of business relationships. After acquisition, the company confirms the rationale for holding such shares every year.」