Shareholder and Investor Engagement

Basic Policy on Dialogue with Shareholders and Investors

1. We, through the thorough performance of fair information disclosure (fair disclosures) and ongoing dialogue with domestic and overseas shareholders and investors, aim to construct relationships of trust with shareholders and investors and reduce information asymmetry.
2. We, for constructive dialogue with shareholders and investors, endeavor to ascertain our shareholder structure, and will pay close attention to any possibility of a leakage of insider information in having such dialogue.
3. We designate the Representative Executive Officers & Co-Presidents and General Manager of Investor Relations as the points of contact for dialogues with shareholders and investors. We also arrange opportunities for dialogues with Independent Directors.
4. We provide appropriate feedback to the Board of Directors on the opinions of shareholders and investors obtained in the course of the dialogue as appropriate to reflect them in management, and utilize the opinions of Directors of the Board, including Independent Directors, in dialogues with shareholders and investors.

Our Structure for Dialogue with Shareholders and Investors

We, through the partnership of the Representative Executive Officers & Co-Presidents and other management team, and the general managers of the following departments, engage in investor relations activities, shareholder relations activities, statutory disclosure, timely disclosure and important voluntary disclosures.

• Investor Relations
• Public Relations
• Finance & Accounting
• Corporate Governance
• Other relevant departments

Shareholder and Investor Engagement

We conduct communications with capital markets by taking actions such as ensuring the fair disclosure of information and engaging in a continuous dialogue with shareholders and investors in order to facilitate a better understanding and raise expectations about us. In addition, we aim to reduce the cost of capital by eliminating information asymmetry in order to maximize the PER with the goal of achieving MSV. We strive to understand our shareholder structure to ensure a sound dialogue with shareholders and investors, and closely pay attention to the prevention of leaks of insider information when engaging in dialogues.

In FY2022, we conducted IR meetings with 695 companies (up 33.9% from FY2021) in order to further enhance communications with shareholders and investors with the aim of facilitating a thorough understanding of our business model as an Asset Assembler, our medium and long-term management strategy for achieving MSV, and our growth story. We also conducted IR events. In March 2022, we held a Medium-Term Plan (FY2021-2023) update meeting where Co-President Wakatsuki explained our achievements in the first year of the plan, our roadmap for achieving our final year targets in FY2023, and the concept of Asset Assembler model. In November, we conducted small investor meetings with Co-Presidents for buy-side analysts and sell-side analysts. At these meetings, Co-Presidents Wakatsuki and Wee explained the market climate, measures to address identified current risks, actions to increase profit margins and market share in China and other countries and regions where we operate. In October, we held a small investor meeting with an Independent Director where Board Chair and Lead Independent Director Nakamura explained the Directors’ thoughts about executive compensation that contributes to MSV and other matters.

In addition, we have continued to focus on the proactive disclosure of information through numerous measures, including the reinforcement and enhancement of our Integrated Report and IR website.

Number of IR meetings held

IR events held