August 9,2024
Company name：INFRONEER Holdings Inc.
Representative：Kazunari Kibe, Representative Executive Officer and President（Stock code： 5076,TSE prime market）
Inquiries：Kensaku Furukawa, Head of Corporate Strategy（TEL. 03-6380-8253）

Notice of policy for the sale of cross-shareholdings
The Board of Directors of the Company resolved at its meeting on 9 August 2024 to adopt a policy forthe sale of cross-shareholdings, as follows.

１．Our basic policy to date on policy for cross-shareholdings
The Group's basic policy has been not to acquire or hold cross-shareholdings unless it is necessary forthe transactional business until now. Individual shareholdings have been regularly reviewed by the Boardof Directors of the Company and its main subsidiaries from the perspective of economic rationality interms of cost of capital, strengthening business relationships, prospects, and so on. If the appropriatenessof the holdings was not recognized on that basis, the Company has proceeded with the sale of the shares,
taking into consideration the impact on the market after obtaining the full understanding of thecounterparty companies.
２．New policy for the future
In INFRONEER medium-term Vision, the Group set a target of reducing the percentage of net assets
held by cross-shareholdings to below 20% and has been selling these shares. After repeated discussions
on the significance of the holdings and investment efficiency, the Board of Directors resolved today that
the Group will reduce its cross-shareholdings to zero by FY2027, and that it intends to sell over JPY 25
billion of its holdings in Maeda Corp. during the current financial year, with the ratio of its holdings tonet assets at 20% or less.
In order to realize the business model, the Group aims to become a “integrated infrastructure servicescompany”, the Group is accelerating investment in growth through M&A and initiatives in infrastructure
operation businesses such as renewable energy projects and public-private partnerships and will makemore effective use of capital. Funds from the sale will be distributed with a view to financial disciplineand capital efficiency. （The specific distribution policy will be announced as soon as it has been decided
by the next mid-term management plan.）-1-３．Policy for initiatives
The Group will engage in careful dialogue with the companies issuing the shares that are the subjectof future sales to ensure that they understand the Group's policy. We will continue to make every effort
to continue and strengthen our business relationship with the target company.

-2-

Reduce Cross-Shareholdings to zero by fiscal year 2027
Policy for the sale FY24 target:Sell over 25 billion yen of Maeda Corp.
of Cross(reduce the ratio to net assets to below 20%)
Shareholdings

Final goal Reduce to zero for the entire INFRONEER Group by FY27.

Implement distribution with awareness of financial discipline and capitalPolicy for theallocation ofefficiency.
funds from sales. ➡The specific distribution policy will be announced as soon as it is decided
by the next medium-term management plan.

INFRONEER
140.0※The stock price is based on the market value at the end of the fiscal year.

26.4%

120.0
100.0

Group's transition of policy-held share sales amount and ratio to net asset ownership

94

19.8%
72

80.0
60.0
40.0
20.0
0.0
[Billion yen.]

11.0
FY21

30.0%

25.8%

22.0

Over 25billion

3.9

FY22

FY23

20.0%
Aim for zeroby fiscal year2027.

End-of-period
Holding amountSale amount

25.0%

Reduce the ratio to net
assets to below 20% by fiscal
year 2024.

108

0.0%
FY24

FY25

FY26

FY27

15.0%
10.0%
5.0%
0.0%
16