Policy stock

With respect to policy holdings of listed stocks, we do not, in principle, hold investment stocks purely for the purpose of investment.
The Company regularly reports to the Board of Directors on the recent dividend status, stock prices, etc. of the issuing company and continues to verify the reasonableness of its shareholdings. For each individual issue, we make a comprehensive judgment on the appropriateness of holding the stock by evaluating not only the quantitative aspects, such as whether the benefits from holding the stock, including dividends received and valuation gains/losses, are commensurate with the cost of capital, but also the qualitative aspects, such as the acquisition process and the significance of holding the stock.  
We exercise our voting rights with full respect for the management policies and strategies of the companies in which we invest, and make decisions based on perspectives such as whether or not they will lead to medium- to long-term improvements in corporate value.