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 Engagement 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 communication with the capital markets by taking actions, such as ensuring fair disclosure of information and continuous engagement with shareholders and investors around the world. Through these activities we aim to facilitate a better understanding and raise expectations for our Company among shareholders and investors, as well as reducing the cost of capital by eliminating information asymmetry. Our goal is to maximize PER to achieve Maximization of Shareholder Value (MSV). Furthermore, in order to foster constructive engagement with shareholders and investors, we endeavor to ascertain our shareholder structure to ensure constructive engagement with shareholders and investors and pay close attention to prevent the leakage of insider information.

In FY2023, we further strengthened communication with shareholders and investors and conducted IR meetings with 707 companies (up 1.7% from FY2022) in order to foster and promote the understanding among shareholders and investors about how our unique Asset Assembler model, which is unparalleled by typical business operations, along with our autonomous and decentralized management and growth strategy, are seamlessly integrated to lay a strong foundation for significant growth. We also conducted IR events: In March, we held the Medium-Term Plan (FY2021-2023) update meeting, in which Co-President Wakatsuki provided an update on the second year of the MTP and explained the roadmap for delivering on our goals in FY2023 and the philosophy of our Asset Assembler model. In December, we held small buy-side and sell-side meetings with the Co-Presidents, in which Co-Presidents Wakatsuki and Wee explained the market environment in China, Asia, and other countries and regions and our strategic actions for further market share expansion. In October, we held a small investor meeting with the Independent Director, in which Board Chair and Lead Independent Director Nakamura explained the protection of the interests of minority shareholders, independence of the Independent Directors, and the Board’s discussions surrounding M&A, among other topics.

Additionally, 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