Policy for cross-shareholding

The IDEC Group’s policy is to hold an appropriate number of shares only if we have a rationale for holding them, and to reduce or sell shares for which we cannot find rationale, as may be appropriate.

Once a year or more, the Board of Directors verifies whether to keep as-is each of all cross-holding shares, with due consideration of the business activity needs (such as for maintaining and strengthening a business alliance or transaction), our cost of capital, and the stock price trends of these issuing companies.