In conclusion, dividends are not being considered at this time.

The reason is that we recognize a number of attractive opportunities for business investment that exceed our cost of equity and increasing future equity value by reinvesting the cash flow we are currently generating in businesses will contribute to the improvement in shareholder value more than returning it to shareholders right now.

The concept of share repurchase is generally the same as that of dividends. However, in cases where our equity value has declined significantly, it may be judged that allocating funds to share repurchase is more effective in increasing equity value as a result of higher investment returns than acquiring shares in other companies through M&A. We believe that share repurchase is highly effective in increasing equity value relative to dividends due to the mobility of being able to pinpoint and target shareholder returns in a timely manner.

On the other hand, we have established a shareholder benefit program. Since our Entertainment Platform Business is a B to C business, we recognize that shareholder benefits are effective means for our group from various perspectives.

For example, unlike dividends and share repurchase, which are shareholder returns involving actual cash out, shareholder benefits do not directly discourage investment in growth.

In addition, while shareholder benefits lead to the development of a new customer base and expansion of the investor base, we believe that the expansion of the shareholder base leads to a reduction in the daily volatility of the stock price, which in turn has the effect of increasing the equity value through a reduction in the cost of capital.

For more details of the shareholder benefits, please refer to the following documents.

https://genda.jp/en/ir/stock/shbenefits/

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 equity value for our shareholders.