Dialogue with Shareholders and Investors

Policy for Constructive Dialogue with Shareholders

We have established the following Policy for Constructive Dialogue with Shareholders in our Basic Corporate Governance Policy.

(1)

The Company actively engages in dialogue with shareholders with the aim of enhancing corporate growth and increasing corporate value.
(2)

The Company nominates President & CEO as well as Directors in charge as the contact person of dialogue with shareholders. The President & CEO and Directors in charge shall actively participate in dialogue with shareholders in cooperation with the Corporate Planning Department, the first contact point in charge of dialogues, and the General Affairs Department, in charge of shareholder management. At the request of shareholders and in other situations, the Company shall make available opportunities to interview outside directors and Audit & Supervisory Board Members. Directors in charge periodically reports the opinions, etc. of shareholders ascertained in the dialogue with them to the Board of Directors.
(3)

The main specific efforts are as follows:
(i) Business strategy presentation meeting for shareholders following the Ordinary General Meeting of Shareholders
(ii) Results presentation meeting for institutional investors and analysts held twice a year (the presentation video is posted on the Company's corporate website)
(iii) Briefing session for individual investors (constantly)
(iv) Individual meeting with institutional investors and analysts (constantly)
(4)

The Company shall endeavor to prevent insider trading by providing ongoing training to employees, etc. in order to practice the appropriate management of insider information, and when disclosing information, shall make every effort to make accurate and prompt disclosures while emphasizing the fairness and soundness of market transactions.

Dialogue Results with Institutional Investors and Analysts

Main correspondents from the Company

President and CEO, Senior Executive Officer, Executive Officer of Corporate Management Department and Corporate Planning Department, General Manager of Corporate Planning Department, IR members

Dialogues conducted in the most recent fiscal year

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	FY2025
Financial results presentation	2 times
Small group meetings	8 times
International 1-on-1 meetings	2 times
1-on-1 meetings with domestic investors	44	107
1-on-1 meetings with overseas investors	36
1-on-1 meetings with analysts	27
Individual investor presentation	2 times

Main Themes and Concerns discussed in the Dialogue

	Main themes discussed in the dialogues
Medium-Term Management Plan	Business model and growth strategy, progress of the Plan Cost of capital management Capital policy, shareholder return policy ESG initiatives
Internal and external environment / Business performance trend	Real estate financial market trends Opportunities, risks, and countermeasures in our business (including interest rates, construction costs, inflation trends, and rent increase) Fund market, trends of fund investors Growth and progress strategy of each business segment
Other	Progress of the capital and business alliance with Nagoya Railroad Measures to enhance shareholder value Governance system (diversity of the Board of Directors, directors' remuneration, succession plan, etc.)

Feedback to Management and Board of Directors

The shareholder composition is reported semiannually, and the opinions, requests and performance feedback, etc. of shareholders and investors ascertained in the dialogue are reported on a quarterly basis to the Board of Directors, and are discussed continuously in order to improve corporate value.

Measures implemented considering the dialogue

The dialogues led to the formulation of the long-term vision, structuring synergies across our businesses and business portfolio, enhancement of IR disclosure materials including non-financial information, consideration of shareholder returns and measures to enhance share price, and strengthening of the governance framework (such as the review of the compensation system for directors and the appointment of female directors).
We will continue our efforts to achieve sustainable growth and improve medium- to long-term corporate value through constructive dialogue with our shareholders and investors.