Regarding dividends, we are aware of a number of attractive business investment opportunities that exceed the cost of equity, thus we understand that reinvesting our current cash flow will contribute more to shareholder value, rather than returning  right now the cash flow to shareholders. For these reasons, we are not considering dividends at this moment.

The concept of share buybacks is generally the same as that of dividends. However, in cases such as when our share price is traded at a significant discount from our fair value, it may be judged that share acquiring “our” shares are more effective in increasing share value as a result of a higher return on investment than acquiring “other company’s” shares through M&A activities  We believe that the share buyback is more effective in improving shareholder value relative to dividends, owing to this agility of being able to control the timing of implementation.

On the other hand, although nothing has been decided on shareholder benefits at this time, since our entertainment platform business is a B to C business, we recognize that shareholder benefits are an effective measures for our group from a variety of perspectives.

For example, unlike dividend payments and share buybacks, which are also forms of shareholder return but involve actual cash outflows, shareholder benefits do not directly interfere with the growth investments that are part of our M&A strategy.

In addition, while the shareholder benefits will lead to the development of a new customer base and expansion of the investor base, we believe that the expansion of the shareholder base will also have the effect of reducing the daily volatility of the share price, resulting in a lower cost of capital and subsequent increase in shareholder value.

Based on the above assumptions, our basic policy is to always continue to implement the optimal allocation of capital from time to time in order to realize an increase in shareholder value.