Cross-Shareholdings

Policy on Cross-Shareholdings

In principle, Ebara Corporation (the Company) does not own cross-shareholdings. However, the Company may hold shares of other companies as cross-shareholdings only when the Company determines partnerships with investees through such shareholdings will contribute to the enhancement of the Group’s corporate value.
Furthermore, the Board of Directors periodically reviews the rationality of holding these cross-shareholdings and has a policy to sell or otherwise dispose of shareholdings that are no longer rational.

Rationality of Shareholdings

1.The partnership with the investee is important, and it is necessary to maintain this relationship.
2.The returns and risks associated with the shareholding match the capital cost.

Standard for the Exercise of Voting Rights in Cross-Shareholdings

The Company exercises its voting rights in cross-shareholdings, subject to consideration of the pros and cons of individual proposals to determine whether they contribute to the medium- to long-term enhancement of the corporate value of the Group and investees. In such a case, the Company consults with investees as necessary with emphasis on the following matters:

1.Amendments to the Articles of Incorporation
2.Election of Directors, etc.
3.Takeover Defense Measures
4.Appropriation of Surplus

Relationship with Cross-Shareholders

If a cross-shareholder expresses intent to sell their shares of the Company, we will unconditionally accept the proposal and request the policy-holding shareholder to sell the shares in a manner that minimizes impact on the Company's share price. In such a case, if the Company also holds shares of that cross-shareholder, the Company will promptly sell all shares held by the Company in that cross-shareholder. In addition, we will not continue a relationship with a cross-shareholder without thoroughly examining the economic rationale for that relationship.

Changes in the number of listed stocks held for policy purpose

End of December 2020 End of December 2021 End of December 2022 End of December 2023
Number of issues 39 issures 32 issures 27 issures 23 issures
Number of issues of listed companies 0 issue 0 issue 0 issue 0 issue
Amount on the balance sheet
(Millions of yen)
 4,918 1,845 1,881 2,265
[Breakdown] Amount of listed companies (Millions of yen) - - - -

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