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Basic Approaches to Cross-Shareholdings

The Nitto Group does not hold any cross-shareholdings and has established a "Zero-Cross-Shareholding Policy" as follows.

The Zero-Cross-Shareholding Policy

Nitto Denko Corporation shall not hold cross-shareholdings (referring to shares of other listed companies, which Nitto, as a stable shareholder, holds for its business partners, and hence excluding shares for the purpose of capital and business alliances).

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