other initiativesOther Initiatives

Communication with shareholders and investors (ESG interviews)Dialogues with Shareholders and Investors (ESG Meetings)

In order to help our shareholders and investors understand the direction of our long-term management, we hold ESG-integrated interviews that focus on non-financial aspects centered on ESG.

Mitsubishi Estate holds integrated ESG meetings that focus on the non-financial aspects of its ESG activities to enable shareholders and investors to gain an understanding of the direction of its management over the long term.

In addition to Sustainability Management and Promotion Department, which is responsible for "E: Environment" and "S: Society," and General Affairs Department, which is responsible for "G: Governance," the IR Office will also be present at the meeting upon request.

The results of the ESG interviews conducted in fiscal years 2024 and 2025 are as follows:

In addition to the Sustainability Management and Promotion Department, which is in charge of environmental and social matters, and the General Affairs Department, which oversees corporate governance, the Company holds ESG meetings with the attendance of the Investor Relations Office when requested.

The total number of ESG meetings held by the Company in FY2024 and FY2025 is stated in the table below.

* Estimated from shareholder identification survey results commissioned to a third-party investigation agency (as of the end of March 2026)

* Estimated based on the results of a shareholder identification survey outsourced to a third-party institution inquiring into beneficial owners using the shareholders' register (as of March 31, 2026)

After the interview, we conduct a survey to gauge the effectiveness of the ESG-focused interview and to identify areas for improvement for the next dialogue, including the level of satisfaction with the dialogue and an evaluation of our initiatives.

The results for FY2025 show that many of our interviewees commented that opportunities for comprehensive exchange of opinions on ESG issues were beneficial and efficient, and over 90% of participants reported being satisfied or generally satisfied with the dialogues.

At the close of ESG meetings, we issued questionnaires to participants regarding their level of satisfaction with the dialogue and their rating of our ESG initiatives, in order to measure the effectiveness of integrated ESG meetings and ascertain areas of improvement and other matters for incorporation into future dialogues.

In the results of the FY2025 questionnaire, many participants commented that the opportunity to exchange opinions in a comprehensive manner in an integrated ESG meeting was instructive and efficient. More than 90% of participants responded that they were "satisfied" or "generally satisfied" with the dialogue.

Cross-shareholdingsShares Held for Strategic Purposes

Policy regarding strategic shareholdingsPolicy on Shares Held for Strategic Purposes

The Company acquires and holds shares for purposes other than pure investment when it determines that such acquisition will be useful for the smooth promotion of our group 's business activities, such as when it contributes to maintaining and strengthening medium- to long-term business relationships or stable fundraising.
With regard to listed shares held as investment shares for purposes other than pure investment, the rationality of holding them is verified from the perspective of whether they are useful for the smooth promotion of our group 's business activities, taking into account the acquisition history, trading performance, the status of cooperative and collaborative relationships, dividend performance, etc., and the details of the holdings, as well as the reduction results and future reduction policy, are reported to Board of Directors at least once a year, and sales are promoted as appropriate.
Meanwhile, since fiscal 2015, Innovation and Business Transformation Group has been continuously investing in venture companies and other organizations with the aim of increasing the added value of existing businesses and expanding business areas through the use of technology and collaboration with external partners.
In order to clearly demonstrate its intention to utilize capital effectively, in May 2025, the Company disclosed a quantitative reduction target to reduce the balance of stocks (listed stocks) held by the Company other than unlisted stocks by more than 50% (compared to the end of fiscal year 2024) by the end of fiscal year 2027, and to continue selling them thereafter, with the aim of not holding them in principle in the future.

The Company acquires and holds shares for other than purely investment purposes if it deems such shareholdings to be useful in facilitating the Group’s business activities smoothly in cases such as when seeking to maintain or reinforce medium- to long-term transactional relationships or in procuring funds on a stable basis.
　In regard to the holding of listed shares as investment shares for other than purely investment purposes, we examine the rationality of such holdings from the perspective of whether they are useful or not in facilitating the Group’s business activities smoothly, focusing on such aspects as the background of the acquisition, record of transactions, status of cooperative and collaborative relationships, and level of dividend payouts. The findings of these examinations, as well as the number of reductions of such shares and the policy on reductions going forward, are reported to the Board of Directors at least once a year, and we are proceeding with sales in an appropriate manner.
 In addition, the Company has been conducting ongoing investments in venture businesses since FY2015. Centered on the Innovation and Business Transformation Group, these efforts are aimed at heightening the value of existing businesses and expanding the Company’s business domains through the utilization of technologies and coordination with external partners.
 In May 2025, to express the Company’s intention to effectively use its capital, the Company disclosed its quantitative reduction target to reduce the balance of shares other than non-listed shares (i.e., listed shares) held by the Company by 50% or more by the end of FY2027 (vs. the end of FY2024), and from thereon, continue to sell them so that the Company will not, in principle, hold such shares in the future.

Status of reduction in policy-held sharesStatus of Reduction of Shares held for Strategic Purposes

In fiscal year 2025, we sold eight listed stocks (including partial sales) for a total of 101.6 billion yen, bringing our cumulative sales for the past three fiscal years to approximately 200 billion yen.
To achieve our disclosure targets, we will continue to engage in dialogue with our business partners and work to reduce our strategic shareholdings.

The Company sold eight holdings of listed shares (including partial sales) in FY2025, with the sales amount of ¥101.6 billion. The accumulated sales amount over the past three fiscal years reached approximately ¥200.0 billion. To achieve the disclosed target, we will continue to confer with our business partners to reduce shares held for strategic purposes.

Disclosures in the 2025 securities Report (submitted on June 24, 2026)Details Disclosed in FY2025 Securities Report (Filed on June 24, 2026)

stomach. Criteria and approach to classification of investment stocksa) Criteria for and basic approach to categorizing investment shares

Investment shares held for the purpose of receiving dividends and gains on sale are pure investment shares, and investment shares held for purposes other than pure investment to improve corporate value by maintaining and strengthening the Company's business. It is an investment stock.

The Company categorizes investment shares held for the purpose of receiving dividends or gains on sales as investment shares held purely for investment purposes, and shares held for other purposes, such as to enhance corporate value by maintaining or reinforcing the business of the Company as investment shares held for other than purely investment purposes.

B. Policy for holding investment stocks held for purposes other than pure investment purposes, methods for verifying the rationality of such holdings, and details of verification by Board of Directors, etc. regarding the propriety of holding individual stocks b) Policy on the holding of investment shares for other than purely investment purposes and methods for verifying the rationality of such holdings, and details of verification conducted by the Board of Directors, etc. with regard to the suitability of holding individual issues

The Company acquires and holds shares for purposes other than pure investment when it determines that such acquisition will be useful for the smooth promotion of our group 's business activities, such as when it contributes to maintaining and strengthening medium- to long-term business relationships or stable fundraising.
With regard to listed shares held as investment shares for purposes other than pure investment, we verify the rationality of holding them from the perspective of whether they are useful for the smooth promotion of our group 's business activities, taking into account the acquisition history, trading performance, the status of cooperative and collaborative relationships, dividend performance, etc. We report the details, reduction results, and future reduction policy to Board of Directors at least once a year and proceed with sales as appropriate.
In order to effectively utilize capital, the Company will reduce the balance of listed shares (excluding unlisted shares) held by 50% or more (compared to the end of fiscal year 2024) by the end of fiscal year 2027, and will continue to sell them thereafter, with the aim of not holding them in principle in the future.

The Company acquires and holds shares for other than purely investment purposes if it deems such shareholdings to be useful in facilitating the Group’s business activities in cases such as when the shareholdings contribute to maintaining and reinforcing medium- to long-term transactional relationships or to establishing stable procurement of funds.
In regard to listed shares that the Company holds as investment shares for other than purely investment purposes, it verifies the rationality of shareholdings from the perspective of whether it facilitates the progress of the Group’s business activities by looking at the history of the Company’s acquisition of such shares, the track record of business transactions, the status of cooperative partnerships, dividend performance, and other factors. The Company then reports to its Board of Directors, at least as frequently as once a year, the details of such findings, the reductions in such shareholdings and the guidelines followed by the Company regarding future reductions, and, where necessary, the Company proceeds with the sale of such shares.
To express the Company’s intention to effectively use its capital, the Company disclosed its quantitative reduction target to reduce the balance of shares other than non-listed shares (i.e., listed shares) held by the Company by 50% or more by the end of Fiscal 2027 (vs. the end of Fiscal 2024), and from thereon, continue to sell them so that the Company will not, in principle, hold such shares in the future.

c. Number of investment stocks held for purposes other than pure investment and total amount recorded on the balance sheet c) Number of issues held as investment shares for other than purely investment purposes, and total amount recorded on balance sheet

(Note) Our company, primarily through our Innovation and Business Transformation Group, continuously invests in venture companies and other venture businesses with the aim of increasing the added value of existing businesses and expanding our business areas through the use of technology and collaboration with external partners.
The above number of stocks includes 28 stocks (26 unlisted stocks and 2 non-listed stocks) that are new business stocks aimed at New Business Creation.

(Note) Aiming to enhance added value in existing businesses, and expand the scope of business domains by utilizing technology and cooperating with external partners, the Company, mainly through the Innovation and Business Transformation Group, is continuously making investments in start-ups.
In the above number of issues, 28 issues (26 unlisted shares and two shares other than unlisted shares) are new business shares held for the purpose of new business creation.

(Issues for which the number of shares increased in the fiscal year ended March 31, 2026)

(Issues for which the number of shares decreased in the fiscal year ended March 31, 2026)

D. Information on the number of shares for each brand of specified investment stocks and deemed holding stocks, balance sheet amount, etc.d) Information on the number of shares of each issue and amount on balance sheet for specific investment shares and deemed holdings of equity securities

(With regard to the quantitative effects of the holding, for reasons of information management, details of transactions and cooperative partnerships with the other party are not disclosed.)

For more information on corporate governance, please refer to the Corporate Governance Report.

Please refer to our Corporate Governance Report for more information on our corporate governance system.CORPORATE GOVERNANCE REPORT