Verification of the Rationale for and Reduction of Strategic Shareholdings

「Following a board review of whether the holdings were appropriate, based on business relationships and comparisons of the benefits of holding the shares with the cost of capital, we decided to sell them and completed the sale in April 2021.」

「Every year, the boards of directors of our company and each group company holding strategic shareholdings examine the medium- to long-term economic rationale and future outlook for major strategic shareholdings, taking into account their returns and risks. For holdings judged to have insufficient significance, we will reduce strategic shareholdings while engaging in dialogue and negotiations with business partners and other parties.」