Policy on Cross-Shareholdings and Standards for Exercising Voting Rights

Fuji holds shares of other companies for seeking to establish and strengthen business relationships that contribute towards the expansion and development of business as well as stability and efficiency. It is our policy to make a comprehensive judgment on whether the holding of individual stocks is rational and appropriate while assessing the level of the Fuji's cost of capital and the level of ROE of the target companies from the perspective of capital efficiency. Every year, the Board of Directors reviews and confirms the appropriateness of each holding, taking into account its relationship with Fuji's business and its contribution to the future direction of Fuji's business. During the period of the mid-term business plan, which began in FY2025 and ends in FY2027, we will generate 7 billion yen through measures such as reducing cross-shareholdings and allocate it to growth investments and returns to shareholders.By the end of March 2026, we had generated 8 billion yen by reducing our strategic equity holdings, and we will continue to reduce these holdings.

In exercising the voting rights as to cross-shareholdings, the Company does not make decisions in accordance with uniform standards. Rather, the Company assesses whether its decisions on the agenda would deteriorate the delivery of potential values to shareholders. Taking into account the business conditions of the issuer companies and other matters in the circumstances, the Company makes approval or disapproval decisions and exercises the vote rights.