11. Status of Equity Holdings

Standards and Approach to Investment Stock Classification

The company classifies investment stock as stock held for purposes of pure investment and stock held for purposes other than pure investment. Investment stock held for purposes of pure investment is held for the purpose of generating profit from fluctuations in market value. Investment stock held for purposes other than pure investment is held for purposes other than profit.

Investment Stock Held for Purposes Other Than Pure Investment

1. Holding Policy and Method for Verifying Holding Rationale and Board of Director Meeting Details Related to Verification of the Suitability of Individual Stock Holdings
   The Aeon Mall policy on cross-shareholding is to hold shares for the purpose of contributing to improved Aeon Mall Group corporate value over the medium and long term. This policy considers a number of factors including business strategy and business relationships.
   Our board of directors meets to review individual cross shareholdings on an annual basis, considering the purpose for holding shares, risks involved in holding shares, the cost of capital, and other economic rationale on a comprehensive basis, determining the reasonableness for cross-shareholdings. We consider selling shareholdings when deemed as having little significance, considering the impact of such sales on the markets.
2. Number of Stock Holdings and Balance Sheet Balances

	Number of Stock Holdings (Holdings)	Total Balance Sheet Balance (million yen)
Unlisted Stocks	3	55
Stocks Other Than Unlisted Stocks	11	2,073

(Holdings with increased number of shares in the current fiscal year)

	Number of Stock Holdings (Holdings)	Total selling price for a decrease in the number of shares (million yen)	Reason for increase in number of shares
Unlisted Stocks	1	49	Investing in partner companies that lead to new business creation
Stocks Other Than Unlisted Stocks	-	-	-

(Holdings with decreased number of shares in the current fiscal year)
Not applicable.

3. Information Regarding Number of Shares, Balance Sheet Balances, etc., for Each Specified Investment Stock or Constructively Owned
   Stock Specific Investment Stocks

Company Name	FY2022	FY2021	Holding Purpose, Quantitative Holding Benefit,and Reasons for Increased Holding	Holdings in AEON MALL
	No. of Shares	No. of Shares
	Balance Sheet Balance (million yen)	Balance Sheet Balance (million yen)
HotLand Co.,Ltd	560,000	560,000	From the viewpoint of transaction information management, we decline to provide the quantitative benefit of holdings here. We engage in store leasing transactions with this company and hold shares of this company to ensure a smooth business relationship. We have performed a comprehensive verification of the rationality based on facts related to transactions with this company, as well as the economic rationality of the stock holding, including the cost of capital.	No
	797	738
AEON Fantasy Co., Ltd.	114,998	114,998	From the viewpoint of transaction information management, we decline to provide the quantitative benefit of holdings here. We engage in store leasing transactions with this company and hold shares of this company to ensure a smooth business relationship. We have performed a comprehensive verification of the rationality based on facts related to transactions with this company, as well as the economic rationality of the stock holding, including the cost of capital.	No
	316	226
AEON Delight Co., Ltd.	97,500	97,500	From the viewpoint of transaction information management, we decline to provide the quantitative benefit of holdings here. We engage in facilities maintenance contracting and other transactions with this company and hold shares of this company to ensure a smooth business relationship. We have performed a comprehensive verification of the rationality based on facts related to transactions with this company, as well as the economic rationality of the stock holding, including the cost of capital.	Yes
	289	289
AEON Kyushu Co., Ltd.	120,000	120,000	From the viewpoint of transaction information management, we decline to provide the quantitative benefit of holdings here. We engage in store leasing transactions with this company and hold shares of this company to ensure a smooth business relationship. We have performed a comprehensive verification of the rationality based on facts related to transactions with this company, as well as the economic rationality of the stock holding, including the cost of capital.	No
	270	255
GFOOT CO.,LTD.	520,000	520,000	From the viewpoint of transaction information management, we decline to provide the quantitative benefit of holdings here. We engage in store leasing transactions with this company and hold shares of this company to ensure a smooth business relationship. We have performed a comprehensive verification of the rationality based on facts related to transactions with this company, as well as the economic rationality of the stock holding, including the cost of capital.	No
	148	156
Fuji Retailing Co., Ltd.(Note)1	58,460	58,460	From the viewpoint of transaction information management, we decline to provide the quantitative benefit of holdings here. We engage in store leasing transactions with this company and hold shares of this company to ensure a smooth business relationship. We have performed a comprehensive verification of the rationality based on facts related to transactions with this company, as well as the economic rationality of the stock holding, including the cost of capital.	No
	103	184
DCM Holdings Co., Ltd.	80,850	80,850	From the viewpoint of transaction information management, we decline to provide the quantitative benefit of holdings here. We engage in store site leasing transactions with this company and hold shares of this company to ensure a smooth business relationship. We have performed a comprehensive verification of the rationality based on facts related to transactions with this company, as well as the economic rationality of the stock holding, including the cost of capital.	No
	92	90
MINISTOP Co., Ltd.	14,641	14,641	From the viewpoint of transaction information management, we decline to provide the quantitative benefit of holdings here. We engage in store leasing transactions with this company and hold shares of this company to ensure a smooth business relationship. We have performed a comprehensive verification of the rationality based on facts related to transactions with this company, as well as the economic rationality of the stock holding, including the cost of capital.	No
	20	21
Resona Holdings, Inc.	25,987	25,987	From the viewpoint of transaction information management, we decline to provide the quantitative benefit of holdings here. We engage in financing transactions with this company and hold shares of this company to ensure a smooth business relationship. We have performed a comprehensive verification of the rationality based on facts related to transactions with this company, as well as the economic rationality of the stock holding, including the cost of capital.	No(Note)2
	19	13
Mizuho Financial Group, Inc.	5,952	5,952	From the viewpoint of transaction information management, we decline to provide the quantitative benefit of holdings here. We engage in financing transactions with this company and hold shares of this company to ensure a smooth business relationship. We have performed a comprehensive verification of the rationality based on facts related to transactions with this company, as well as the economic rationality of the stock holding, including the cost of capital.	No(Note)2
	12	9
Saibo Co., Ltd.	1,000	1,000	From the viewpoint of transaction information management, we decline to provide the quantitative benefit of holdings here. We engage in building lease transactions with this company and hold shares of this company to ensure a smooth business relationship. We have performed a comprehensive verification of the rationality based on facts related to transactions with this company, as well as the economic rationality of the stock holding, including the cost of capital.	Yes
	0	0

(Note)

1. Fuji Retailing Co., Ltd. and Maxvalu Nishinihon Co., Ltd. conducted a share exchange on March 1, 2022, and the Company changed its shareholding to Fuji Retailing.
2. Although the company itself does not hold shares of AEON MALL, a subsidiary of the company holds shares of AEON MALL.

Constructive Stock Holdings
Not applicable.

Investment Stock Held for Purposes of Pure Investment

Not applicable.