Ownership

Distribution of Ownership among Shareholders

Type of Shareholder

Percentage on a Number of Shares Owned Basis

Financial institutions

22.4%

Securities companies

5.6%

Other corporations

13.3%

Foreign institutions and others

12.1%

Individuals and others

46.6%

Total

100.0%

(As of February 28, 2026)

Major Shareholders and Ratio of Shareholding

Name of Shareholders

Number of Shares Held (Thousands)

Percentage of Total Shares Issued (%)

The Master Trust Bank of Japan, Ltd. (Trust account)

15,915

11.7

Kashiyama Scholarship Foundation

8,710

6.4

Onward Holdings Customers' Shareholdings Association

5,351

3.9

Nippon Life Insurance Company

4,671

3.4

JPMorgan Securities Japan Co., Ltd.

4,407

3.2

Custody Bank of Japan, Ltd. (Trust account)

3,895

2.8

Anniversaire Holdings Inc.

2,650

1.9

Morgan Stanley MUFG Securities Co., Ltd.

1,879

1.3

Isetan Mitsukoshi Ltd.

1,787

1.3

Government of Norway

1,749

1.2

(As of February 28, 2026)

Note:

  • 1. The number of shares held is rounded down to the nearest 1,000 shares.

    2. The Company holds 5,906,571 shares of treasury stock.

    3. The percentage of total shares issued is calculated after deducting 5,906,571 shares of treasury stock.