The forecast for the next fiscal year (1) does not include the contribution to earnings (and one-time expenses) from undisclosed M&A, and (2) conservatively incorporates growth from existing businesses.

The reason for doing (1) is that if we announce a business forecast that incorporates potential M&As , there is a risk that we might execute an unreasonable M&A to achieve our business performance, resulting in M&A that will result in a high price tag. The reason why we do not disclose our medium-term management plan is based on the same reason.

On the other hand, regardless of the earnings forecast for the next fiscal year that we are currently announcing, we are working rigorously to announce our current M&A pipeline as soon as possible.