Shareholding

Policy regarding shares as cross-shareholdings

The Company will hold cross shareholdings in cases where it judges that they will contribute to maintaining and increasing the Group’s corporate value from a perspective of importance to the medium- and long-term business strategy, reinforcing relationships with business partners, and maintaining a stable fund procurement environment. Furthermore, in addition to verifying the appropriateness of each individual shareholding in light of the purpose of said holding, the Company will regularly conduct quantitative verification of matters such as the benefits, risks and capital cost of the holding, and present t results to the Board of Directors as reporting matters. Stocks whose holding is deemed to have little meaning or effect will be sold as appropriate, giving due regard to share prices, market trends, and other information for consideration.

Policy regarding exercise of voting rights

The Company shall exercise its voting rights related to cross-held shares on all proposals for voting after individually judging factors such as whether the proposal will contribute to increasing the Group’s shareholder value, and whether it is appropriate in light of the purpose of shareholding of the Company.

Shareholding

(1) Company’s shareholdings

A. Number and balance sheet amount of investment shares held for purposes other than pure investment

<Stocks whose number of shares increased in FY2022> N/A
<Stocks whose number of shares decreased in FY2022 > N/A

B. Information on the number of shares, balance sheet amount, etc. of respective investment shares held for purposes other than pure investment that are specified equity securities or deemed holdings of equity securities

<Specified equity securities>

Notes:

• The balance sheet amounts for Dai-ichi Life Holdings, Inc. and the eight stocks below it account for less than 1/100th of the amount of capital. Nevertheless, all stocks are listed.
• “Shareholding in the Company” includes cases where a main subsidiary of the issuing companies listed above holds shares in the Company.
• The quantitative benefits of the shareholding are not listed because the details of transactions with respective related parties cannot be disclosed.

C. Investment shares held purely for investment purposes

N/A

(2) Shareholding at TOKYU LAND CORPORATION

The shareholding at TOKYU LAND CORPORATION, which is the second largest holder of investment shares among the Company and its subsidiaries in terms of the balance sheet amount (the recorded amount of investment securities), is as follows.

A. Number and balance sheet amount of investment shares held for purposes other than pure investment

<Stocks whose number of shares increased in FY2022>

<Stocks whose number of shares decreased in FY2022 > N/A

B. Information on the number of shares, balance sheet amount, etc. of respective investment shares held for purposes other than pure investment that are specified equity securities or deemed holdings of equity securities

<Specified equity securities>

Notes:

• The balance sheet amount for Unozawa-gumi Iron Works, Limited accounts for less than 1/100th of the amount of capital. Nevertheless, all stocks are listed.
• The quantitative benefits of the shareholding are not listed because the details of transactions with respective related parties cannot be disclosed.

C. Investment shares held purely for investment purposes

Note:
Unlisted stocks do not have market prices. Therefore, "Total amount of valuation gain/loss" is not listed.

As of June 2023