Dialogue with Shareholders and Investors

Policy for Constructive Dialogue with Shareholders

(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 Management 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 (FY 2024)

Main correspondents from the Company

President and CEO, Senior Executive Officer, Executive Officer, persons in charge of investor relations

Dialogues conducted in the most recent fiscal year

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	FY 2024
Financial Results Meeting	2
Small Meetings	4
1 on 1 meetings with Domestic Investors	52	116
1 on 1 meetings with Overseas Investors	37
1 on 1 meetings with Analysts	27

Main Themes and Concerns discussed in the Dialogue

	Main themes discussed in the dialogues
Medium-Term Management Plan	Business model and growth strategy Cost of capital management Capital policy, shareholder return policy ESG initiatives
Internal and external environment / Business performance trend	Real estate market conditions (interest rate, construction cost, acquisition), real estate financial market trends Fund market, trends of fund investors Progress and growth strategy of each business segment
Other	Progress of the capital and business alliance with Nagoya Railroad Governance system (diversity of the Board of Directors, directors' remuneration, etc.)

Feedback to Management and Board of Directors

The shareholder composition is reported twice a year, and the opinions and requests, etc. of shareholders ascertained in the dialogue are reported four times a year, 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, enhancement of IR disclosure materials such as the disclosure on the potential shareholder value, and the introduction of share-based remuneration plan, etc.
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.