Policy for Cross-shareholdings and Voting Standards

Principle 1-4 Cross-shareholdings

The Company has prepared and disclosed a policy for cross-shareholdings (reduction policy and voting standards).

(1)Views on cross-shareholdings

  • In principle, the Company will not hold listed stocks as cross-shareholdings except in cases where it recognizes there is significance or justification for ownership. Significance or justification for ownership will be judged from the results of yearly examinations conducted on each stock based on whether there are expectations of collaboration with the issuers and business synergies, as well as on whether the benefit and risk of holding said stock are appropriate to its capital cost. Consequently, stock where there is little significance or justification for ownership will be sold while taking into account the proper stock price, market conditions and other factors.

(2)Standard for voting cross-shareholdings

  • The execution of voting rights is an important means of communicating with investees and the Company exercises its voting rights related to all cross-shareholdings. In exercising these rights, the Company checks each proposal and rather than making a uniform judgement on whether to approve or reject it based on formulaic or short-term standards, it makes a judgement from the perspective of whether said proposal will lead to continuous growth and a medium- to long-term increase in corporate value for the Company and the investee, based on sufficient consideration of said investee's management policy, strategies, and the like. Judgement on whether to approve or disapprove a proposal includes careful consideration of the following items in particular, as they may have a significant impact on shareholder return.
    1. Transfer of important assets
    2. Merger or share transfers which cause or cease wholly owned subsidiary
    3. Third-party allotments through favorable issuances
    4. Introduction of measures to defend against hostile takeovers

Shareholdings (As of March 31, 2019)

  • Number of stocks held for purposes other than pure investment and total amount on balance sheet: 55 stocks: ¥21,903 million
  • Category, issue, number of shares, balance sheet amount, and purpose of holding of investment shares held for purposes other than pure investment purposes
Stocks Number of Options (shares) Balance Sheet
Amounts
Purpose of holding
Yen
Omron Corporation 543,000 2,802 To ensure stable procurement in Business Technologies Business and Healthcare Business, and to maintain and strengthen business relationships in Office Business
Marubeni Corporation 3,570,000 2,799 To maintain and strengthen cooperative relationships with issuers that are sales partners in Business Technologies Business
ROHM CO., LTD. 217,300 1,505 To ensure stable procurement in Business Technologies Business and Industrial Business, and to maintain and strengthen business relationships in Office Business
Mitsubishi Warehouse Co., Ltd. 432,000 1,259 To maintain and strengthen close relationships as a logistics contractor in Business Technologies Business and business relationships in Office Business
Dai Nippon Printing Co., Ltd. 453,010 1,140 To maintain and strengthen business relationships in Industrial Business and Office Business
Sumitomo Mitsui Financial Group, Inc. 283,600 1,117 To facilitate financing transactions with financial institutions affiliated with the issuing company and to collect domestic and overseas information
MS & AD Insurance Group Holdings, Inc. 314,117 1,047 To maintain and strengthen stable insurance transactions and Office Business business relationships
T & D Holdings, Inc. 753,600 922 To maintain and strengthen stable insurance transactions and Office Business business relationships
Nikon Corporation 454,800 733 To maintain and strengthen cooperative relationships in Industrial Business and business relationships in Office Business
114 Bank, Ltd. 3,078,000 1,093 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business
Kinden Co., Ltd. 401,400 724 To maintain and strengthen our Office Business business relationships as a subcontractor of our construction and maintenance services
NOK Corporation 408,600 719 To ensure stable procurement in Business Technologies Business and Healthcare Business, and to maintain and strengthen business relationships in Office Business
Mebuki Financial Group, Inc. 2,281,500 671 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business
Rengo Co., Ltd. 660,000 658 To ensure stable procurement in Business Technologies Business and to maintain and strengthen business relationships in Office Business
Kamigumi Co., Ltd. 200,000 511 To maintain and strengthen close relationships with Business Technologies Business and Industrial Business as logistics contractors and business relationships in Office Business
Chiba Bank, Ltd. 723,500 458 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business
Kansai Mirai Financial Group, Inc. 402,900 335 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business
Shimizu Corporation 325,450 317 To maintain and strengthen our business relationships in Office Business, as well as to outsource our construction and maintenance operations
Komori Corporation 200,000 236 Developed and marketed alliance partners in Professional Print Business and Office Business, and to maintain and strengthen business relationships
SOMPO Holdings, Inc. 56,100 227 To maintain and strengthen stable insurance transactions and to maintain and strengthen business relationships in Office Business
The Shizuoka Bank, Ltd. 254,000 221 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business
Iyo Bank, Ltd. 241,000 147 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business
Resona Holdings, Inc. 285,700 141 To facilitate financing transactions with financial institutions under the umbrella of the issuing company
Aichi Bank, Ltd. 31,900 109 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business
Ushio Electric Co., Ltd. 71,561 93 For stable procurement in Business Technologies Business and the maintenance and strengthening of Industrial Business business relationships
Ryoden Shoji Co., Ltd. 44,000 66 For stable procurement in Business Technologies Business and the maintenance and strengthening of business relationships
Hiroshima Bank, Ltd. 95,000 55 To facilitate financing transactions with issuers
Yamanashi Chuo Bank, Ltd. 37,600 53 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business
Nanto Bank, Ltd. 14,500 30 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business
Ogaki Kyoritsu Bank, Ltd. 4,100 9 To facilitate financial transactions such as fund raising, and to maintain and strengthen business relationships in Office Business
Kyodo Printing Co., Ltd. 3,300 8 To maintain and strengthen business relationships in Professional Print Business and Office Business

(NOTE)At the stage of selecting top issues on the balance sheet, specified investment shares and shares deemed to be held are not combined.

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