Matters Concerning Major Shareholders and Others

Status of Parent Company and Major Shareholders

Our parent company is Toho Co., Ltd., which holds a total of 54.16% of voting rights as of January 31, 2026. Within the Toho Group, our company is positioned in the road business segment of the real estate business, and our core road-related business does not compete within the group. We do not participate in the Toho Group’s cash management system.

Relationship with Parent Company and Assurance of Independence

Among our nine directors, one concurrently serves as a director of the parent company. The nomination and remuneration committee is chaired by an independent outside director, and directors concurrently serving in the parent company are not members. Independence from the parent company is ensured in the director selection process. Additionally, the company's management is not subject to the Toho Group’s management regulations, and prior approval from the parent company is not required for business decisions. Although a special committee for minority shareholder protection has not been established, the independence is judged to be sufficient.