1. Framework for increasing dialogues

We are aware that it is important to increase constructive dialogues with shareholders and investors in order to attain continuous corporate growth and to improve corporate value over the medium to long terms.

The Company is actively engaged in IR activities through the Director and Executive Officer in charge of the Corporate Planning Department, which is the department in charge of IR and the CFO. The Corporate Planning Department conducts smooth IR activities and dialogues with shareholders by the management team in cooperation with the Public Relations Office, the Finance and Accounting Department and other related departments. In addition, the Corporate Planning Department and the General Affairs Department serve as contact points for meetings with shareholders. Based on the purpose of meetings with shareholders, the Board of Directors (including outside Directors), executive officers, and Audit & Supervisory Board members provide appropriate responses within a reasonable range.

2. A commitment to constructive dialogues with shareholders and investors

＜Expanding the number of individual meetings with shareholders and investors＞

To enrich dialogues with shareholders and investors both in Japan and internationally, we will hold individual meetings for an exchange of information. We will seek more opportunities for our representatives and CFO to hold direct dialogues with major shareholders and investors in Japan and overseas, to facilitate a positive exchange of views. As of the end of March 2025, overseas shareholders held around 27% of our outstanding shares. As part of our investor relations activities for investors residing overseas, in addition to participating in conferences in Japan and overseas, the representative director, CFO, and the director in charge of global operations visit local institutional investors and One-on-one meeting with them in order to actively and continuously build relationships.

＜Initiatives for dialogues other than individual meetings＞

We actively organize events separately tailored to shareholders and investors, to securities and bonds analysts and to personal investors. They include financial results briefings, conference calls, business strategy briefings and participation in IR events for personal investors. For the purpose of fair disclosure, we are continuously improving our information disclosure. For instance, we publish on our website integrated reports we have been issuing since March 2020 for stressing our medium- and long-term value creation in addition to financial results briefing materials with and without transcripts, supplementary financial results materials, audio distribution, main questions and answers in briefings and other investor relations materials.

• ＜Financial Announcement＞https://corporate.saisoncard.co.jp/en/ir/data/
• ＜Integrated Report＞https://corporate.saisoncard.co.jp/en/ir/integrated_report/

3. Reporting of dialogues with shareholders and investors

The Corporate Planning Department, responsible for investor relations, plays a central role in properly reporting to our management executives the feedback heard from shareholders and investors in dialogues and analyst reports and other materials issued as appropriate. It also delivers reports on the dialogues to the Board of Directors, the Management Conference and other meeting bodies so that they can be used in discussions for improving corporate value.

Shareholder and investor feedback and our response to it

＜Global Business Strategy Briefing to be held in June 2024＞
https://corporate.saisoncard.co.jp/en/business/global/index.html#business-global-briefing

4. Management of insider information in dialogues

As an information disclosure policy including the management of insider information, we have separately adopted our Disclosure Policy. In accordance with this policy, we strictly practice fair disclosure and ensure that our activities are appropriate.

＜Disclosure policy＞https://corporate.saisoncard.co.jp/en/disclosure_policy/

5. IR activities

We hold four briefings for shareholders, investors and securities and bonds analysts each year. On these occasions, our representatives or CFO outline financial results for relevant periods and provide explanations about our management strategies and operational achievements.(*) In June 2024, we also held a global business strategy briefing session focused on our India business, which is attracting a great deal of attention from shareholders and investors. In April 2025, we conducted a field trip to India for sell-side analysts. In addition, we are resuming face-to-face meetings as appropriate after they were suspended because of the COVID-19 pandemic. We are increasing the number of opportunities to meet shareholders and investors in an effort to continuously foster constructive dialogues.
(*The representative director participates only in the second quarter and year-end financial results.)

＜Principal investor relations activities (part of the sustainability data)＞https://corporate.saisoncard.co.jp/en/sustainability/data/

6. Awards from outsiders

On the basis of enhancing information disclosure behind constructive dialogues, we are also focusing on creating a number of different tools. Our website and integrated reports are so highly regarded that they consistently win awards from outside institutions.

＜Investor relations website＞
We were selected for the first time as the “AAA Website” in the “All Markets” ranking of the “2024 All Listed Companies Website Quality Ranking” by Nikko Investor Relations Co., Ltd. We have been selected as the “AA Website” in the “All Markets” ranking for five consecutive years from 2019 to 2023. The company also received the Bronze Award in the Gomez IR Site Ranking 2024 by Broadband Security, Inc. for the first time.

Other external recognition are posted on our website.

＜Initiatives and external recognition＞https://corporate.saisoncard.co.jp/en/sustainability/initiative/