In conclusion, we have sufficiently secured the necessary funds to execute the share repurchase.

First, from a stock perspective.

We currently hold a cash and deposits balance of approximately 25.0 billion yen, which is a sufficient level even when factoring in a portion of our working capital needs.

Furthermore, we have implemented a CMS (Cash Management System) across all domestic group companies, centralizing the cash of each company into GENDA to thoroughly enhance overall funding efficiency.

Additionally, while we do not operate by accumulating excessive cash and deposits from the perspective of reducing funding costs, we maintain cash flow management with sufficient reserves at all times, preparing for the smooth execution of M&A and potential contingencies.

Next, from a flow perspective.

We plan for an EBITDA of 27.0 billion yen next fiscal year, which roughly corresponds to our annual cash inflow. Furthermore, this is fundamentally expected to be generated every year.

Moreover, as shown in the announcement of the financial results for the second quarter of the fiscal year ending on January 31, 2026, cash flow is expected to significantly increase compared to the past, due to the shift in policy towards achieving positive Free Cash Flow (FCF).

As stated above, the funds for the share repurchase are sufficiently secured from both the stock and flow perspectives.