It is now time. We would like to begin Information Meeting by Eisai Co Ltd. for Fiscal 2020. This information meeting is distributed live or over telephone line. Those of you who are participating from the telephone line are kindly asked to download the slide from our website. Those of you who are watching the live stream, please continue to watch the screen. Now, I would like to introduce the presenter today, President and CEO, Mr. Haruo Naito. Mr. Naito, please begin the presentation. This is Naito speaking. This year as well, we are holding this information meeting in a remote online manner. I am not able to see your faces in person. It is quite regrettable for me, but I hope that this meeting will be helpful for you. Please give me the first slide. At our company, as you see in this slide, we are currently running business under the medium-term management plan called Plan EWAY. Plan EWAY was started in fiscal year 2016, and current fiscal year 2020 is marking the fifth year of the medium-term plan. The past five years is now named as EWAY Current in this presentation. Starting from next fiscal year up until fiscal year 2025. For these five years, we will call it EWAY Future. After that, until fiscal year 2035, the period shall be called EWAY Beyond in today's presentation. First, let me discuss EWAY Current. For fiscal year 2020, there were financial targets set, JPY 102 billion or more in operating profit and JPY 74 billion or more in profit for the year. For ROE, we set 15% as the target for fiscal year 2025. For these targets, during fiscal year 2019, for all profit lines, we have been able to achieve these targets. For ROE as well. In fiscal year 2019, we reached 18.6% as ROE, therefore, exceeding the target for 2025. The EWAY Current, the five-year average ROE was 10.1%, maintaining double-digit number. Please look at the bullet description. During the meantime, we increased the dividend per share by JPY 10 to JPY 160 per share. At the bottom, you can see some qualitative outcomes. Firstly, anticancer agent, LENVIMA, through our strategic alliance with Merck, which we have implemented so far. This has been quite the significant leverage for LENVIMA, which we believe has become one of leading blockbuster agents originated in this country. Currently, studies called LEAP studies based upon combination therapy of LENVIMA and KEYTRUDA for various types of cancer. Now it is establishing a position as a backbone therapy. In neurology area for aducanumab and lecanemab, these are the two antibody medicines are going to be the Alzheimer's disease modifying therapy for the first time in the world towards such success. We are currently in the final stages towards that target. On the other hand, BACE inhibitor, elenbecestat, based on the recommendation of the Data Safety Monitoring Board, to our regret, we had to discontinue the development of this drug. Given the current environmental changes such as pandemic with COVID-19, we believe that the tremendous changes are being made, we will initiate a new medium-term plan, EWAY Future & Beyond, at this time of various changes. Having said that, what we have accumulated and experienced in the past have to be revisited again in order to identify what will remain unchanged towards the future. I think it is very significant to recognize that. We wrote in the headline, "Last year and this year pierced across by a rod." This is a haiku poem written by Kyoshi Takahama. "Pierced across by a rod," what is it? Please look at the first bullet. First of all, we are running a business, managing the business based on philosophy. In 1980s, towards the end of 1980s, since then, we have been touting this hhc philosophy. That means that we are thinking first about the benefits to the patients, and we have to understand their emotions and to make contribution to the benefits to them. That has been positioned as Eisai's philosophy. For this philosophy, which is also included in our articles of incorporation of the company, in order to understand a patient's emotions, we have to spend time with them. This is something we call socializing with patients. We are valuing this process a lot to understand anxieties of patients, and we are trying to remove them through our day-to-day operation of our business. That has been our purpose of our business. We are going to keep this philosophy-based management securely without any change. The second bullet, this is about Alzheimer's disease. In the very last H2 of 1990s, in the U.S. and Japan, we launched Aricept. Since then, Eisai has been leading the world in terms of the pharmacological treatment for patients with Alzheimer's disease. We are determined to continue to play such role. At the same time, we are not manufacturing or offering medicines, but rather, together with people in Alzheimer's disease related community, as I said earlier, we have also continued to socialize with those people related to the AD community. Since the launch of Aricept over the past 25 years or so, through socialization with patients, as many as 1,600 programs have been implemented all over the world in order to relate with people with Alzheimer's disease as well as their families, through which we believe we have been able to establish relationship of trust. Fourth bullet point, Eisai has grown by creating in-house products, global products. Aricept, Pariet, Halaven, Fycompa, LENVIMA, and DAYVIGO. Successively, we have produced these products. These have been all small molecule drugs. From now on, lecanemab or tau anti-tau antibodies, antibody medicines, or other various modalities will be in our pipeline based upon our in-house developed technologies in order to further grow. The fifth point, Eisai has been growing through partnership model on a global market. In each area, we have been working with leading global players on the equal basis to grow together through partnership with them, Aricept, with Pfizer for Pariet, and Aciphex with Johnson & Johnson. Right now, for aducanumab and lecanemab with Biogen. For LENVIMA with Merck. We have been working together with them in order to make contribution to patients all over the world. We have continued to grow through this partnership model. Next bullet. This is to improve the drug access. Medicines have to be taken by people who need such medicines. Only after that, medicines can carry values. At Eisai, how can we deliver medicines to those patients who need our medicines? We have been putting focus on this drug access or access to drugs over many years. For Halaven and LENVIMA and Fycompa, we have implemented patient assistance program mainly in Asian countries. In particular, for Halaven, for India, we have offered a tiered pricing policy, multi-tiered pricing strategy. Since launching of this drug, for many breast cancer patients in India, we have expanded access to medicine. Since March 1st of this year, in China on NRDL, National Reimbursement Drug List, LENVIMA and Fycompa have been adopted and listed on this, put on this list in China. Through this, we believe that access to medicine in China is expected to grow dramatically. Utilizing various schemes, we are continuing to contribute to the improvement of access to medicine. The last bullet on this page is to describe our measures, activities related to control neglected tropical diseases. SDGs are talked about a lot, but the top priority SDG measure is to correct the gap or disparity in medical care. Our work related to NTD, for us at Eisai, it is the top priority issue for us among various measures under SDGs. Going forward, in order to put NTDs under control, we would like to further strengthen our efforts in this area. Eisai Future & Beyond. In Future & Beyond, there are several important changes that are expected to take place. First, market and industry structure change. This is a three-dimensional representation. Please first refer to the Y-axis. In the past, in industrialized countries, societies are aging, and it is understood as a serious problem. Going forward, in the next 10 years to 20 years, the entire world is going to become a super-aging society. That is a major paradigm shift that is about to occur. On the horizontal axis, in the past, medicines were delivered to patients, and that was the mission of our industry. However, going forward, including healthy people, to the people, solutions will be delivered. Medicines are part of the solutions. Our thinking will be evolving in this way. In Z-axis, from vertical consolidation to horizontal division of labor. In the past, we were covering from the upstream of value chain from the discovery, and were thinking about how to strengthen the value chain. When we look at the current industrial structure, what is happening is as follows. If we cut value chain, for example, in discovery area of research and development, when we look at the cross-section, there are pharmaceutical industry players, and there are also various startups, and there are many people who have different technologies. They coexist in R&D discovery stage, utilizing strengths, working together in synchronized fashion to promote discovery. That is the world that we are going to see. Commercial stage, when we look at the cross-section of commercial stage, in commercial area, those people who are active in this stage are not limited to pharmaceutical industry players. There are various specialists related to digital technologies, there are various startup companies, and each with their strength, are participating in the commercial area. We have entered into such an age of horizontal division of labor. The same picture is seen in the manufacturing stage. Going forward, it will be very important to be fully aware of this horizontal division of labor. On the right side, competitiveness picture is shown. Traditionally, pharmaceutical industry competitiveness came from drug discovery capabilities and sales and marketing capabilities. However, now, competitiveness of industry and corporations are more multidimensional. Most representative of that in scientific evolution, genome, genetics, various human biology information is now available. Digital technology and AI and other predictive technologies and various omics technologies are also evolving day and night. How to catch up with that scientific evolution is the key. This is not only about R&D. How to catch up with this is going to be an important element in competitiveness. Next is value chain. During the COVID pandemic, this time, what we have been mindful about the most is stable supply of our products. If we depend on one country for raw materials, in that type of logistics, there can be instability or uncertainty in the supply, as we have experienced at this time, international logistics and supply chain will have to be rebuilt, recombined, and multiple value chains or supply chains will have to be established to achieve stable supply in face of various different risks. This is also an important element in having competitiveness. Work style is becoming more diverse. What is the purpose of the office? That is the fundamental question that we are asking on a daily basis. For each person, in the best way, in most comfortable way, to be able to work in very productive way, we need to prepare environment, and that will lead to reform of the work style. This is without doubt, and we have to be able to change towards that direction. That will also be a very important part of competitiveness. Diversity. Women, minority, these diverse groups of people are essential in enhancing enterprise value. Promoting these people in positions is also very important. Corporate governance, accountability, and transparency of company have to be ensured. This is growing in importance. In terms of corporate governance in Japanese industry, Eisai was one of the first companies to introduce the board structure, where the majority of the board members are outside directors, and the management and the supervisory board are clearly separated. Board members are thinking about the direction and intention of the stakeholders, and the board members are taking actions proactively. We in the board are working based on trust relationship, and the board is delegating various authority to the management, and we are responding to that trust, and we are maintaining close communication with the board. Such corporate governance will be further enhanced. SDGs. As I mentioned earlier, when I looked back, the SDGs for us is filling the gaps in healthcare and promoting access to drugs. In case of Eisai, eradication of tropical disease. These are important SDGs for Eisai. This means that Eisai will have to create new network and new partnership, and we are indeed creating such network and partnership. That has become a very important source of strength for our company. Lastly, philosophical management. Philosophical management questions the purpose of the business. Purpose is becoming a keyword these days. The purpose of our business is to enhance benefits for patients, and this has to be achieved smoothly. When that is indeed achieved, it should lead to the revenue and profit as a result. That is clearly stipulated and included in articles of incorporation and shared with our shareholders. Our purpose is enhancing patient value. When we are able to achieve this, we will be able to receive revenue. That thinking is very much in line with the importance of a purpose that is so much discussed today. At the very bottom of this slide, various waves are shown, from AI to 6G. These are digital tools related to DX. There is a huge significance brought about by these waves. To achieve our purpose, we will be armed with very strong weapons. With these, we will be connected to more people with speed through data. That will be possible. As shown on the left chart, from patient-times-medicine to people-times-solution, we are changing our business model. To achieve that change, connected with more people with speed through data, that weapon is necessary to realize this model. Therefore, revolution in these ways or means is very important. As soon as possible, we have to adapt these new ways. The essence of Eisai's role. What is at the center of this is anxiety-driven model, in case of Eisai. More than 10,000 Eisai employees globally spend 1% of their working hours, about three days, with patients and families of the patients. By doing so, we are able to understand the feeling of patients, especially anxieties, as if these are our own feelings and anxieties. This enables us to have empathy. This is the most important part of anxiety-driven model. Each individual employee, after understanding anxieties of the patient, will take that back to the company and will have discussion within the team to better understand what patients are anxious about. As a corporate strategy, we will develop strategy, corporate activities, remove these anxieties, and we'll implement those strategies, and we will continue with this cycle. That is the essence of the piercing rod. This will remain constant. From EWAY Current to EWAY Future & Beyond, there will be also a change in our perspective. From the patient to the people, we will be expanding our viewpoint. That is the difference. EWAY Current hhc philosophy also includes the concept of people or consumers. So far, it has not been easy to approach the people, but with the EWAY, DX, with those new weapons, we are now able to reach many people. We are now able to approach the people. We are now able to interact with the people and communicate with the people. The change, evolution of the EWAY or weapons is very important. We are now centering on the people in our perspective, in our hhc philosophy, and it is now hhc eco, where it is combined with ecosystem, hhc philosophy plus ecosystem. What this concept is about is described here. We empower people to realize their fullest life. We will continue to promote creating solutions based on scientific evidence, especially in the areas of our expertise, neurology and oncology. We will improve our long-established and recognized strength, the hhc process, which is to understand and resolve customers' anxiety to be alongside people throughout their lives. As a result, we aim to evolve into hhc eco to help people realize their fullest life from healthy time to the end. That is our philosophy during Future & Beyond. hhc philosophy plus ecosystem, or hhc eco, is represented here in a high-level diagram. Please look at the subtitle, Eisai Universal Platform, EUP. I will describe this in more detail later. Centering around EUP, there are various industries and associations. In coexistence with these industries and associations, we aim to remove anxiety of the people. Through coexistence with other industries and organizations in this ecosystem, this is a dynamic moving thing which is breathing and palpitating. I'm very excited to think about this concept. For example, insurance industry, by tying up with EUP, may, for example, develop high-quality dementia insurance program or product. It may be dementia insurance for people who do not have any worries about dementia, or people who may be nearing the onset of dementia or early preclinical stage of dementia may be able to purchase an insurance product. Development of such insurance product may become possible by partnership between insurance industry and EUP. In the fitness industry, there are exercise programs to prevent disease. I hear that there is growing demand for such exercise programs to prevent dementia or disease. Through EUP, we should be able to satisfy such needs. In automotive industry, program to allow for safe driving by senior citizens should become the core element of connected car program. Cognitive function of drivers, how should that be assessed? I think tying up with EUP should have important significance in that respect. How can local government help prevent shift from MCI to AD, and we should be able to help local government in that respect. With more than 160 local governments, we have entered into agreement regarding dementia programs. It is said that JPY 150 trillion is the asset owned by people living with dementia, and such assets may be inactive. There is a risk that these assets may remain frozen. Through tie-up with EUP, it may become possible to avoid that risk. Corporate medical examination through corporate employee health data. If we are able to provide information helpful to prevent dementia, then there will be greater demand for corporate medical examination, and significance of corporate medical examination will be enhanced. Through EUP, we may be able to provide a direct contribution to people to remove anxieties. With these various different industries and organizations, we are able to work with them through EUP so that each of these industries and organizations may remove the anxieties. In total, there will be a removal of anxiety on a very grand scale. With hhc eco, we would like to realize that. Eisai Universal Platform, EUP, is shown in this high-level diagram. At the bottom is C&I, collaboration and incubation. Other companies' technologies and discoveries and inventions and our own R&D can be synchronized. To various people, we can package solutions, and such solution packages can be delivered, that is solution delivery, to remove anxieties from people. That is the overview of EUP. Next slide, please. I would like to show you details of EUP. I am sorry about this busy slide. At the bottom of this page, C&I. This means collaboration and incubation, utilizing other companies' or entities' technologies. Please remember the horizontal specialization in R&D and others. Various technologies of others can be utilized, which is becoming important. IoT tech companies and application development companies or external cohort data. Those people who are organizing such external cohort data, such various technologies, and our R&D, as shown by arrows, can synchronize in various ways. Our R&D, in our opinion, can be divided into three major portions. First one is data science, PHR, EHR, EMR, personal health record, electronic health record, electronic medical record. Such data. Our clinical trial data of high quality, big data, these can be analyzed. In neurology area, brain health panel, various biomarkers of polygenic information included in this brain health panel, which can be established in case of oncology, ctDNA, circulating tumor DNA. It is so-called a liquid biopsy. DNA condition or mutations can be understood to create a genome panel. In pharmaceutical R&D activities based upon human biology, we believe that this will form a very important start, very important base. Data science laboratory kind of a model. Going to the middle, E-GALE/Digital. E-GALE Sorry, this is our internal jargon. Eisai Genomic AI Laboratories is what this E-GALE means. For example, in Boston, G2D2 or H3B in Boston, E-GALE or genomic AI-based research has become a mainstream R&D activities there. What are they doing? Based on data science, brain health panel and ctDNA information are utilized. Adding omics analysis or genetic analysis or imaging analysis are conducted to create a hypothesis as a target for drug creation. Based on the molecular structure and hypothesize the structure or relationship. Various AI algorithms are utilized for setting up such hypothesis. That is about what E-GALE or digital R&D activities mean, and targets which are suggested by these, and hypothesis for each target. Now, real drug discovery or creation begins. Medicinal chemistry is not only wet manual work. Such days are over already. Most part, drug design is conducted based on AI and modalities. Not only based on small molecule, but also middle-sized molecule and antibody and ASO or target-related engagement can be conducted in most efficient and productive way. To explore such most suitable molecules, various modalities are advancing day by day. Protein degrader, for example. That is one example of that. Including such new modalities, drug discovery activities are being rolled out in modern R&D. C&I and R&D are synchronized, we come to this green portion, solution package preparation. What does it mean? At the top of green portion, healthy condition maintenance and support package. Based on the disease awareness and prevention, a test hospital search and accurate diagnosis package, and package to confirm the efficacy of treatment. The right-hand side is the care package. For each, at the very top, there is people in medicine area, the HCP or healthcare professionals in medical domain, such specialists as well. Whatever needed, a solution package is for each groups of people. For example, for supporting the maintenance of a healthy condition, in this kind of package, simple biomarker or blood test. From blood tests, various biomarkers are selected from blood samples. The prediction of disease is already becoming available in real world, such blood test. We are collaborating with those providers of blood tests, utilizing our algorithms so that simple blood testing for providing biomarker service as a part of a package solution. This can be possible. At pharmacist or convenience stores, drug stores, there are various consumer healthcare products being sold. Wearables. Actually, I'm wearing a similar type of a ring or wrist. There are various IoT devices that you can wear to your day-to-day daily activities like sleep and exercise and diet. Information on your daily life can be accumulated, a very important tool to support maintenance of a healthy condition, constituting a very important part of solution package. It will be possible for us to offer such package and a consultation site or healthcare portal site, which is important for those people who are living in healthy condition. Such solution package can be offered through virtual. I believe that the virtual offering will become the mainstream. Through virtual ways, we are going to be connected with large number of people. Disease awareness or prevention and test area. There is a site for consultation, or with the local governments and insurance companies, financial institution, there is an information provision site. For self-check of the cognitive functions, a simple test can be done through your smartphones or tablet called NouKNOW. This can be offered as well. The information about disease prediction or disease-specific applications currently related to sleep, Parkinson's disease, currently these applications are being offered. These can be packaged together for diseases. Awareness about disease can be increased. For those people who have started to see symptoms or pre-symptomatic stage, we are able to provide such solution package. In medical domain, how accurate diagnosis can be done, what kind of diagnosis can be available, blood imaging diagnostics, blood biomarkers, and what kind of online treatment can be provided, such information can be provided to the people. When it comes to treatment, AD-DMT, which will become available in the future, what kind of treatment and what efficacy can be expected, what will be the potential side effects, and what about the non-drug therapies, and what about the exercise therapies, such information can be delivered to the people. On the other hand, for those healthcare professionals, visualizing the efficacy of the treatment or assisting the imaging diagnosis or MRI will be used for imaging. Such solution package will be offered in terms of care for elderly people facilities. In such local communities, this kind of service is available, this is the network of clinics and hospitals in your community. Such information will be delivered to the people. Sometimes such information can be provided in virtual way or through mixture of real and virtual for HCP, MR or MSL. Nowadays, digital tools are utilized in many cases to deliver information, in the mixture of real and virtual ways, solution package will be delivered. From C&I through solution delivery, the entire picture is covered by this Eisai Universal Platform, EUP. EUP is intended to remove anxieties of the people and HCPs. This is what it is expected to play a role in. Through connection with the EUP, various information or service and goods or pharmaceuticals can be utilized. This is the overall picture of what Eisai Universal Platform is. Turning to specific anxieties which can be removed in dementia. This is the summary of what we believe the anxieties of people in dementia. For people in healthy state, as you see at the top in pink color, they would like to understand own health condition precisely and take disease preventive actions. Simple blood-based biomarkers to provide a prediction of the onset of disease or disease prediction. By providing such information through EUP and blood biomarker providers or handlers, through such collaboration, it will be possible, and various wearable healthcare applications or IoT can be introduced to them or offered to them. This is the kind of a package we can think of. Next, for people who are a little bit worried about their health and risk of dementia. For those people, both through online and offline activities, we can provide right information or let them notice the progress of disease as early as possible so that they can have an access to various medical institutions. Such solutions will be provided in package. In disease awareness area, already we have Soudan or consultation e65.net. This is the consultation website for a disease to gather right knowledge about disease, or at call centers, people can have a direct consultation. On the right-hand side, this is about cognitive function check. Of course, NouKNOW, we would like to have people proactively utilize NouKNOW and Easiit. If you utilize Easiit, various personal health record can be centrally managed. NouKNOW is also linked with this. Therefore, regarding brain performance, over time, you can visualize your brain performance to confirm. As you can see at the bottom, we are aiming to build a society where people can visualize their own health condition and take preventive actions at an early stage. We believe this can be possible. In medical domain, first, accurate diagnosis must be made for people. The timing for early diagnosis at the onset of MCI or early AD, not missing that timing, they would like to get correct diagnosis and treatment. Simple and precise cognitive function check called Cognigram. We have already adopted this service under contract, and we would like to continue to develop this cognitive Cognigram securely and based upon the vast amount of global data to provide accurate dementia check function. Blood biomarker, this is rapidly becoming a very important diagnostic tool. That is to say, very large burden or invasive burden is not necessary for conducting such test. Because we are able to capture a lot of data without invasiveness, we can give information to people that they can feel assured and safe when getting the test. From the local clinics to nearby clinics or family doctors to specialist doctors or hospitals, and then we can provide such information of the medical network in the community where the people live. We can provide such packaged information. Now, going to medical treatment phase. The people would like to select the treatment they wish to receive among various options in a secure manner. Regarding such needs, of course, the current cutting-edge treatment for Alzheimer's disease is going to be AD- DMT. If candidate drugs are approved in the neurodegenerative related areas, these are expected to have efficacy to remove the cause or etiology, therefore, so that people will be able to have hope in treating their disease. What people are concerned about is side effects and efficacy of the treatment they receive. For this, through Easiit, we are considering to respond to such worry, and the first stage is Easiit Pro. Easiit for healthcare professionals, healthcare information or drug information will be provided. Other than that, in dementia area, various access therapy or DTx, digital therapeutics are being developed, not only drug therapies. For such therapies, we believe we would be able to include them into solution package. Now turning to care. They would like to find a desirable environment when considering care or nursing care. I believe many people have that feeling. Through e65.net site, regarding the networking or collaboration between the nursing care facilities and the medical facilities in the region they live in, and we can provide such solution package at the bottom. Solving problems in the medical field, from diagnosis to treatment and care centered on precision brain health products. As we will support people to live lives to the fullest under any condition. Now, here is one example of creating solution by EUP. Solution package, as you see on the right-hand side. Advice to change their daily behaviors, practice to the people, and for HCP, AD continuum curve. These are the solution packages. First, data. Data science division will gather various data, starting from data gathered from Easiit or data held only by Eisai, high-quality clinical study data or Aricept data as well in a clinical setting. Cohort data in Japan, Usuki Cohort, which is well-known cohort data can be captured from this, or data from J-ADNI. From overseas dementia cohort data, anonymized. These data, after anonymization, are stored in Eisai's data lake. In the E-GALE or digital division, MCI risk prediction model or dementia onset prediction algorithm or amyloid beta positive or negative prediction model or AD natural course model, AD associated genetic polymorphism algorithm. These are to be utilized to suggest people would need to make such behavioral change. Such recommendation is issued, then you have to be prepared for the increased risk of onset of dementia. By visualizing the current status, they can tell where the treatment will be positioned. Please look at the bullet at the bottom. It will promote actions. The people will be encouraged to take behavioral activities by simulating future condition if behavioral change were implemented based on MCI risk prediction and dementia onset prediction algorithm. Bottom, understand, individualize the natural course and the treatment effect by visually suggesting prevention and prediction of complex AD disease progression through AD continuum curve, which shows a transition curve of cognitive function. HCP people can know this. As you can see in red at the bottom, we will be able to provide solutions which only Eisai can pursue based on evidence. This is such an example. Now, changing the topic. How much costs are incurred in Japan for Alzheimer's disease? Looking at social burden of this disease in these statistics. This is the data for 2018, but please understand that this is the latest data. Medical cost was JPY 1,070 billion, and public care cost was JPY 4.8 trillion. On the left-hand side, invisible cost, invisible informal care cost. It is enormous. That is called C1, cost of informal care by family. This is the care provided by family members. Suppose that people other than professional carers, other than family members, provided such care, and then the monetary value of such service is calculated at JPY 6.8 trillion. C2, because of the family care being provided, therefore, those family members are not able to work anymore, or they have to shorten the working hours. Such loss of productivity amounts to about JPY 1.5 trillion. Anyway, the cost borne by family members are huge. Adding C1, the total is JPY 12.6 trillion, enormous amount. For C2 as well, the total amounts to over JPY 7 trillion. On the right-hand side, the national medical care cost was, at that time, JPY 43 trillion. Care cost was a little over JPY 10 trillion. For your information, national defense-related expense was JPY 5 trillion.` Compared to these numbers, you can tell how huge costs are incurred for dementia. I think you can understand this. As I mentioned earlier, dementia will become a serious disease even in developing countries and middle-income countries. Eisai single-handedly will not be able to fight against this. There should be a public-private initiative. Public-private initiative is indispensable. That is why this slide was prepared. World Economic Forum, WEF, or Davos Conference, took initiative to launch various mechanisms to fill the healthcare-related gap. Gavi, the Vaccine Alliance. CEPI, Coalition for Epidemic Preparedness Innovations. This is a coalition for epidemic preparedness innovation to fight against infectious diseases. All of these were launched as major consortium between public and private sector at the annual meeting of World Economic Forum. In providing COVID vaccine, Gavi is playing a major role now. In 2021, WEF launched DAC, Davos Alzheimer's Collaborative. There are going to be three activities. First is to establish an enlarged cohort. Second is developing environment to conduct clinical trials. The third is healthcare system preparedness. In low and middle-income countries, healthcare infrastructure is underdeveloped, and how can Alzheimer's disease be treated? That serious challenge will be addressed through this initiative under WEF. That initiative was recently launched. Eisai plans to take active part in this. I would like to now turn to the topic of neglected tropical diseases. I mentioned lymphatic filariasis, or LF, earlier. It began in 2010. Dr. Margaret Chan was the Secretary General of WHO at the time. Lymphatic filariasis was a difficult disease. We were asked to cooperate. We entered into partnership with WHO, as shown on the right side at our India factory. One of the treatment for LF, DEC tablets, will be produced to be provided to WHO at zero price. DEC tablets and ivermectin, that people are very much aware of these days, are indispensable treatment against lymphatic filariasis. In 2012, London Declaration was issued. WHO, World Bank, major governments, Bill & Melinda Gates Foundation, 13 pharmaceutical companies entered into public-private partnership to eliminate 10 NTDs. I also took part in this declaration. Only Eisai was Japanese pharmaceutical company that was part of this is the biggest PPP in healthcare sector. Since then, similar mechanism was activated to fight against COVID, 10 NTDs, unfortunately, was not eradicated by 2020, this is extended to 2030. WHO Roadmap to 2030 was approved. January 30 was World NTD Day. Landmarks were illuminated in many countries, including in Japan, where Tokyo Tower was illuminated. On the right-hand side, DEC tablets picture is shown. Quality is very high, it received pre-qualification from WHO. This is characterized as price zero business by Eisai. The characteristic of NTD is such that it does not end when drugs are delivered. Patients have to take the drugs, therefore, mass drug administration in the community is indispensable. Our employees are also actively taking part in the mass drug administration and are accumulating experience. 2 billion tablets of DEC tablets have been provided to 28 countries. A very large number of tablets. Out of 72 countries at risk of LF, in 17 countries, the disease was eliminated. Towards eradication by 2030, we will continue to provide DEC tablets. We are fully committed to doing so. Regarding our efforts to control NTD, there is a salient characteristic. Regarding our efforts at Eisai, we have a wide-ranging portfolio, and this portfolio is supported by GHIT Fund. For NTDs, this is a fund that was established in Japan to support the effort, and GHIT Fund is covering all of these development themes. In our portfolio, major development was made in Japan, thanks to this GHIT Fund. This portfolio covers Chagas disease, leishmaniasis, lymphatic filariasis, and mycetoma. Mycetoma is the most neglected of tropical disease. The source of infection is still unknown, but clinical trial on mycetoma is underway in Sudan. Malaria and TB are also included in the portfolio. As shown on right, DNDi, Drugs for Neglected Diseases initiative, is another area. This is an NGO headquartered in Geneva, Switzerland. On the ground, in the field, activities are carried out, and Médecins Sans Frontières is also participating in DNDi. Since Chagas disease treatment development in 2009, in almost all of these development themes, we are collaborating with DNDi. Without GHIT and DNDi, it would not be possible for us to develop treatment for NTDs. The Gates Foundation or WHO are also members of these efforts and these global partners, and we would not have had any contact if not for these global partnerships. This is also a strong motivating factor for employees. I would like to end by delivering this message. What do you think this photograph is? This is a photograph of Yakushima cedars on Yakushima island. We would like to become yakusugi, Yakushima cedar. What type of tree is it? Yakusugi trees are about 2,000 years old with about 15 m in girth. It is huge, the annual growth ring width is only about one millimeter. In mainland, cedars have more than one centimeter width of growth ring and grow narrower, straighter. I think yakusugi, Yakushima cedar, represents long-termism in the nature. It towers above the sea of forest and receives plenty of sunshine, and there are many other plants that coexist with this tree, and this attracts various insects and small animals to create a large symbiotic community. At the root of Yakushima cedar, there is rich moss. Growth of moss is a symbol of long-term prosperity. At the treetop and at the root, Yakushima cedar creates ecosystem that enables long-term survival and prosperity. Yakusugi, in a way, is a platformer. Eisai would also like to be able to serve as a platformer that is sustained over many years, and that is one of our hope in EWAY Future & Beyond. EWAY Future & Beyond aspiration. This is the last slide. I would like to read out what is written on this slide. Eisai will build Eisai hhc ecosystem, hhc eco, to support people's fullest life during the period of EWAY Future & Beyond. Eisai Universal Platform, EUP, will be the core C&I, which is expected to induce synergy between in-house R&D capability and outside technology, creating varied solutions to each individual by integrating in-house technologies and those of partners. The core will become solution package and solution delivery to provide a combined solution, which covers daily living domain and medical domain to match individual various needs. Eisai will coexist with various industries through hhc eco. Aim is to realize cross-industrial hhc ecosystem as yakusugi form symbiotic group to nurture various lives. As a result, pursuing to support people's fullest life possible by removing anxieties. Thank you very much for your kind attention. Next, we'd like to open the floor for Q&A session. Today, we would like to receive questions first from those who are participating through telephone conferencing system. If you wish to ask a question, please press star mark one. I, as an emcee, am going to designate the person who is asked to raise question. Now we are receiving questions from the audience. We received the first person from Citigroup Securities, Mr. Yamaguchi. From Citigroup Securities, Mr. Yamaguchi. Can you hear me? Yes, we can. Please have the floor. My name is Yamaguchi. I'm from Citi. I have several questions. First, based on the history of your company, you have emphasized on the partnership. I believe that it is true that you have successfully grew through partnership model. Briefly, please answer my question. Through the experience of your partnership, what has been the key in your experience to make such partnership or alliance successful? What was the key? Mr. Yamaguchi, thank you very much for your question. Well, roughly speaking, this may have been the CEO to CEO communication to be aligned in values. If we can be successful in that, I believe that the alliance can be successful as well, overcoming various challenges. That is derived from the understanding between CEOs. That's what I think. Thank you. Thank you for your answering. Regarding ecosystem, I think that was one of your main themes of your presentation today. Setting aside oncology, particularly in dementia, through ecosystem, I understand that your business can be potentially grown. On the other hand, in terms of people, you are talking about very wide-ranging people, and partner businesses may spread all over across the industries. I believe that the brand of Eisai is based on your pharmaceutical business. I know that your brand is very well-known in this industry. For the general public and consumers or industries across the board, I don't think that your brand recognition is very high or strong. There are many pushy kind of information spreading in the world. In order to have an access to the people, you mentioned that you are going to have a partnership with various companies. Is this what you are going to do going forward in order to have access to various people, or do you already have access to such a partnership? Are you going to expand the existing partnership, or do you have such a business model, and are there any potential new alliances going forward? Well, thank you very much for your question. I would like to give you a conceptual explanation, and I would like to call upon the person in charge as a director. First, I think everything starts from data. Therefore, how much data of high quality can be utilized? I think that is the key to win. In that sense, as a player in pharmaceutical industry, we have a cutting edge or latest information from clinical trials, which cannot be held by anybody else. This is the asset of the highest quality. We can start deploying such data for business opportunities, as has been pointed out. In that sense, we have not obtained the solution delivery partners in a complete meaning, but corporate venture capitals or small-sized startups with whom we can have a relationship. Through which, for example, telemedicine or various IoT device providers. Such specific partnership is being established now. Anyhow, regarding the details, I would like to ask the director in charge to respond to your question. The person in charge of ecosystem is Mr. Keisuke Naito, who is an executive officer. Thank you for your question. Chief Digital Officer of the company, Keisuke Naito speaking. Regarding your question, for consumers, how are we going to deploy platform? How are we going to be connected with consumers? I think that was your question. One thing is we have a consumer health division. We have an anti-aging brand that has been established in that division. I think this is going to be one of the key channels to be connected with them. From that, how are we going to connect such efforts to HCPs? In the medical side, we have a site, medical.jp, for healthcare professionals, and through this information meeting CEO mentioned, Easiit DNA Company. We have created the application. Combining these in digital way, we will be able to connect with people at large. Furthermore, we have pharmaceutical and consumer healthcare teams working in the business field. Therefore, we can have the mixture of virtual ways and the real ways or physical ways in order to be connected with the general public or consumers. That's all I have. Thank you very much. Thank you for your response. That's all I have. Thank you. Next. From Sophia University Journalism Department, Shimoyama-san. Shimoyama-san from Sophia University, please. Can you hear me? Yes, we can hear you. Mr. Naito, it's been a while since we last met. I'm Shimoyama from Sophia University. Fighting Alzheimer's disease, I have three questions. First, aducanumab and lecanemab BAN2401. Let's say that aducanumab is approved, if BAN2401 is approved, what will be the distinctive roles to be played by each of the drugs? How will they be differentiated pharmacologically? I believe the actions are similar. How would you differentiate these two products? Shimoyama-san. It is nice to hear your voice. I've read your book, and in the Alzheimer's community, you are a huge supporter. Thank you very much for acting as a huge supporter for Alzheimer's community. aducanumab and lecanemab are to be approved. If both are approved, that's ideal, and we believe that it is going to be in the near future. aducanumab may be the big brother and lecanemab may be the younger brother. Regarding efficacy and safety, how that will be ultimately confirmed, we will have to see what will be included in package insert, as Shimoyama-san is well aware of. Regarding lecanemab, in preclinical stage as well, we would like to expand indication to preclinical stage. We believe that it is possible for these two drugs to coexist. With Biogen, between Biogen and Eisai, we are not persistent about who owns what. These products are children of our joint endeavor, and between CEOs, this is always confirmed. Each compound will be able to fulfill its efficacy to the fullest extent. Personally, I'm convinced that that will be possible. I don't know if this answers your question, but that is all. The second question, control or Conquering Alzheimer's. Familial Alzheimer cohort study was started at DIAN-TU. Familial Alzheimer disease is included in the book. Before the publication of the book, DIAN and Eisai were not connected, after the publication of the book on March 16, DIAN-TU, regarding the next generation tau antibody, DIAN selected Eisai's E2814. I received a press release. I think that you may have some emotional reaction to this. DIAN and inherited Alzheimer's disease patients. How have you felt about this? Could you share your thoughts on this? Shimoyama-san, in your book, there was a statement of DIAN patient that is quoted in your book. Irrespective of my background, the patient hopes to be able to live ordinary life someday soon. That left a deep impression on me, and I'm sharing that impression with our associates in the company. As tau antibody, as you know, MTBR tau affinity antibody with a high affinity to tau, MTBR antibody was selected, and we believe that clinical trial will begin. Regarding sporadic AD population, phase II clinical trial will also be carried out. As for the genetic background, the background is different, but pathophysiologically, the profile of biomarkers are similar between inherited Alzheimer's and sporadic Alzheimer's, according to our scientists at DIAN-TU. We really hope that our drug will be evaluated sooner. Now, third question. You may also have some emotional reaction to this question. In my book, "Conquering Alzheimer's," I wrote that in the latter half of the 1980s, the efforts made by Eisai to control Alzheimer's was such that it started with Aricept and after the patent cliff, after the expiry of the patent of Aricept and BAN2401 to aducanumab. I've traced the history of Alzheimer's treatment development at Eisai in my book. Since days before Mr. Naito became CEO, the history of Alzheimer's treatment development is covered in my book. Immediately after reading that, what was your impression? That is what I would like to know. I cried. Oh, you cried? Why did you cry? Hachiro Sugimoto and other people who were working very hard were mentioned in your book, and my name was also mentioned in each episode. I cried. Maybe that was too emotional a reaction. About Isao Yamaji, I think you had valued highly his talent. That is all from me. Thank you. Next person from JP Morgan Securities, Mr. Wakao. Mr. Wakao from JP Morgan Securities, are you ready? Mr. Wakao of JP Morgan Securities, can you hear us? Yes, this is Wakao speaking. I'm from JP Morgan Securities. Can you hear me? Yes. Thank you very much. I have two questions. First one is for early AD- DMT. How pricing shall be? In 2017 at the information meeting, the value of contribution to patients will be reflected in pricing, so the high value will be provided. Regarding AD- DMT, you are expecting that higher pricing. That's what I thought you suggested. Today, Alzheimer's has huge social costs being considered, and then the relatively high pricing will be acceptable in the society. That's what I thought. As has been explained earlier, access by patients, if the drug price is high, and then that may hamper the access by the patients to the medicine. For access by the patients being considered, and then when it comes to the pricing of the DMT, how is your view? What is your take on how pricing of DMT should be? Regarding our thought on pricing, I myself think that pricing should be based on values, value-based pricing. That's what I have been saying. Values will be brought about by a specific medicine, how much the value will be brought about, medical value and societal value. There are various types of values. As I said today, costs related to nursing care, by reducing significantly such care-related costs, there is such a value in modern society. How should we evaluate such values? I believe this is going to be very important discussion. For that, we needed to have a thorough discussion. On the other hand, in each country, there is unique medical care system or drug pricing system in each country. Therefore, we have to take into account the framework of each individual system, because each carries its own meaning and significance. Therefore, that factor has to be taken into account. Like in Japan, we have universal coverage system. In the U.K., NHS is offering similar services. As you pointed out, for low to medium-income countries, how are we going to address pricing issue there? There are various funding mechanisms which have to be tailored to the needs of such low to middle-income countries. I also believe that we have to secure access by patients to medicines, and logics of access have to be maintained. We would like to strike a right balance, considering these various factors. Thank you. Thank you. This is my last question, and the second question. For early diagnosis for the people, you have introduced to us various measures, and there are some ideas which can be implemented soon. Now we are about to know the approval of aducanumab, and for those upcoming medicines, it is very important to provide such services available. Could you please provide us the specific timeframe for certain services to be launched, if possible? There are some services which are subject to regulatory approval. For such services, such as PET related people or CSF related people or blood related people, they are working towards getting regulatory approval. I understand that they have already started their work to prepare for that. The drug itself, approval for the drug itself will not be delayed or much later than our expectation. That's what I hope. I believe that all the stakeholders and relevant people are making their utmost efforts to be ready. Is this all right? Yes. Thank you very much. Understood very well. Next. Mr. Hashiguchi from Daiwa Securities. Mr. Hashiguchi, please. Thank you for taking my question. This is Hashiguchi. I have three questions. In the beginning, you've mentioned that EWAY Future & Beyond will start as new medium-term plan. In fiscal 2016, EWAY 2025 was announced, and profit target for year 2020 was announced at the time. At this time, you have not announced profit target. What is the reason? Going forward, will not announce profit target, or is this only for this time that you decided not to announce profit target? CFO, Mr. Yanagi will respond. Thank you for your question. This is Yanagi, CFO speaking. As you pointed out, when Eisai was announced initially, profit target for 2020, JPY 102 billion of operating profit and ROE 15% for 2025 were announced at the time of the start of the EWAY 2025 in 2016 in disclosure information and in press release. Clear line item target for 2025 or 2030 were not disclosed this time. The circumstances are rather complex, so I would like to explain. For one thing, overall, when we look at the macro environment is very complex. PL line item five years from now, to disclose that forecast numerically, it may not be the best practice in fair disclosure in Western countries as well as in Japan. Line item target is no longer disclosed by most of the Western companies, nor by Japanese companies either. Fair disclosure rule of TSE is adopted and there are expert meetings. As a member of expert meeting, I have also provided my recommendation. PL line item fixed numerical target for five years from now or 10 years from now is not a best practice. That is the conclusion. Rather, general direction and KPIs should be shown in every year in earnings results. We announce annual forecast and on those occasions, performance forecast will be disclosed. I think that is fair disclosure or best practice over medium to long terms. I think there is an aspect of change in best practice, and global standard is such that there is no longer a line item target disclosure. For this fiscal year, there was COVID-19, and there is a greater uncertainty because of DX as well. aducanumab and lecanemab are major next generation AD products. Whether they are approved, whether approval is attached with conditions, those are all of the possible factors. There will be volatilities associated with those factors, and it would be unfaithful if we disclose numerical targets. As for KPIs in integrated reports, we are making sufficient disclosure over medium to long term as a piercing rod, which is constant from this year to next year. ROE to be raised over medium to long term. That is ROE on 10-year average to be greater than 8% or a possible 10% spread. 15% ROE is always kept in mind, and we have achieved that last year. Once again, we will be considering that as a target. ROE higher than the capital cost of more than 8% spread and a dividend of JPY 160, DOE 7%-8% range, JPY 160 for stable dividend, those remain unchanged, and that is supported by financial integrity. KPIs to reflect the financial integrity are also disclosed. Net DER is a + 0.3% to around 12.3%. Stable dividend and the medium to long-term investment can be covered by this. Rather than short-termism, long-termism is adopted, and guidance over medium to long term is given. That is the stance that we are adopting. Does that mean that we will not do anything over medium to long term? At every occasion, regarding the short-term guidance, we would like to refer to the best practice in the market and look at uncertainties or volatilities, and consider what is appropriate at any given time. Equity spread, net DER, DOE, these KPIs remain unchanged. In this way, shareholder value, corporate value enhancement will be pursued over medium to long term. Mr. Naito, CEO, will also make additional comment. Mr. Hashiguchi, thank you very much for your question. This is Naito speaking. Mr. Yanagi, CFO, just commented, and I agree with that. Over long term, of course, there will be results from MEPE studies for LENVIMA, and we have seen good results already from RCC, HCC, and I believe that success probability is becoming greater for other cancer types. Eventually, there will be a time when LOE arrives. I did not discuss in detail today, but AD-DMT included, regarding neurodegenerative disease, we will have more products in the portfolio in that area, and I believe that there is a potentially robust upside or growth potential in that area. Between oncology and neurology over a longer term, we believe that long-term growth can be achieved with neurology being more dominant between the two. This is somewhat ambiguous, but I wanted to supplement. Thank you. Second question. EUP will be the trunk composing hhc ecosystem to remove people's anxiety. On page 12 and beyond, various examples were shown. Regarding the profit model, it was not very clear. How do you plan to generate revenue and profit? There were specific examples given, and there may be different profit models, but in the near future, where do you hope large revenue and profit will come from? Can you give examples as the source of major revenue and profit? Not directly from EUP, but are you considering EUP as a means of increasing sales of drugs? If that is the case, if you could explain in that way, please. Thank you for your question. Chief Strategy Officer, Mr. Nagayama will respond. Thank you for your question. This is Nagayama speaking. In charge of strategy. I would like to respond to your question. Regarding the healthcare and health going forward, as it was discussed during the presentation, it is not necessarily the case that after the manifestation of the symptoms, people will receive diagnosis and treatment, that there will be evolution away from that pattern. Even in healthy state, there will be greater interest on prevention based on pathophysiological definition, precision medicine will be given. I think that will be the evolution. Unlike before, based on big data, for each individual, there will be prevention and treatment options available. In treatment, the timing of the administration of the treatment, the alternatives, nutritional options, and adjustment of the treatment based on the response. From all of these, the best approach will be explored. Ecosystem and digital prowess. Without these, we will not be able to achieve this universally. Treatment scheme is becoming more complex, so with accurate monitoring, we will improve the effectiveness, and monitoring will allow for confirmation of the effectiveness, and then treatment can be adjusted further or early intervention may be possible, and appropriate timing of intervention may be identified in case of AD. I think that will bring about great benefit to patients. Next generation AD-DMT, Aducanumab and Lecanemab peak sales substantially can be pushed up through these efforts. In solution packages. Solution packages offer value for which we are able to receive consideration from the users directly. Furthermore, as a universal platform, we have gene, EHR, PHR, and cohort study data. Various data will be included in EUP. In dementia and in oncology area, we would like to use the data to enable prevention and more effective treatment with various industries and businesses. Combining the knowledge from EUP, working with various industries and businesses, we would like to be able to offer benefit to the people, and I think such benefit will also come from other industries. Regarding Eisai and about your question of profit to be generated by Eisai, using EUP from other industries, I think we can expect certain level of royalty as well. For example, existing platform model may be managed by some of our companies, and platformers receive a few percentage of fee. I think that can be a model that we can reference. Final question. AD- DMT, value-based pricing. What is the current status of the discussion regarding pricing of AD- DMT? Because of AD, various cost is incurred by the society. Looking at the cost of treatment that is reimbursed by health insurance, this was confined in the scope of health insurance discussion. Decreasing other costs in the society may result in greater health insurance cost. How are you going to persuade the society to accept this? What is the type of discussion that you're having in this respect, and what mechanisms do you plan to introduce? Thank you for your question. Neurology Business Group President Ivan Cheung will address that question. NBG President Ivan Cheung will respond. This is Ivan Cheung from Neurology Business Group. Thank you very much for your question. There are multiple steps involved in this process. The first step, as you heard from CEO Naito earlier, of course, is with regard to the actual creation of the value-based pricing model of an AD- DMT, considering all elements of values to the patients and to the society. That's one very important step. In this step, we involve not only our internal experts in both Biogen and Eisai, we also have a number of distinguished experts in health economics disciplines, well-known professors, well-known experts to work with us in developing such high-quality, value-based pricing model. The next step, in addition to creating the model, of course, is to engage with different stakeholders. There are a large group of stakeholders we have to engage. Not only the government and the payers, but also patient efficacy groups, and also other community leaders involved in Alzheimer's disease. This is the second step. Third step, which you also heard from CEO Naito earlier, is to look into different creative funding mechanisms. Depending on which country, there are different insurance systems in place, whether we're talking about government-funded insurance systems or other types of private or nonprofit funding mechanisms. There are different ways we can think about how we can support patients through different models with these different funding mechanisms. These are the three major steps involved in this process. I hope I answered your question. Thank you. Thank you very much. From Mitsubishi UFJ Trust Bank, Hyogo-san. Are you ready? Mitsubishi UFJ Trust Bank, Hyogo-san, can you hear me? Yes. My name is Hyogo speaking. I am from Mitsubishi UFJ Trust Bank. Thank you for your explanation. I have two questions. Regarding business model of ecosystem, could you please elaborate on that? Outsider's view, this business model deepening or evolution, where should I look at in order to decide or judge whether such a model is going well or not? I understand that the data is very important, it is going to be really the competitive edge, and then the alliance or partnership can be accelerated further. Outsider view, I don't think that we are able to see it currently. Could you please provide us a timeline, and where should we put focus on in order to decide whether this model is going well? The second question is about corporate governance. As Mr. Naito explained, the corporate governance, the board of directors itself has evolved with more independence and advanced governance. I have expectations to that model. From the executive branch corporate governance, if there are any issues currently with the corporate governance system, could you please provide that? In the evolution of the ecosystem, I believe the business model is going to be changed, and the attributes or skill sets of the outside independent directors may change as well. Could you please make a comment on the roles to be played by such outside directors as well? Thank you for your question. For your first question, I would like call upon Chief Digital Officer, Keisuke Naito, to respond to your question. Thank you for your question. My name is Keisuke Naito, Chief Digital Officer. As Mr. Yamaguchi of Citi asked question earlier, I failed to respond to that. Regarding the formation of ecosystem, as I said earlier, we have in-house infrastructure or channels to be strengthened further. We needed to have a partnership, which is also important. At the presentation in today's information meeting, Collaboration & Incubation, C&I, shall be advanced to strengthen them. As Mr. Nagayama responded to earlier question, AD- DMT, for example, in order to substantially grow sales, I think that this can be one of the key parameters. When it comes to formation of ecosystem and a deeper alliance or larger efforts, will be introduced one after another. By these, I think that these will be demonstrating whether the ecosystem model is working well. Is this answering your question? This is Naito speaking. Hyogo-san, thank you for your question. Regarding corporate governance, stakeholders or most important focal point for stakeholders, where such focal points are located. It really depends on the time point, but how should I interpret that? Or how should we understand that? Actually, that is very important, and we briefly discussed this earlier, comparing short-termism and long-termism. How can we consider the right balance between the two? ROE level for medium term and equity spread and capital cost fluctuations. For these issues, how deeply we should understand and capture the status. With high transparency, are we able to explain these? I think this is going to be the key. In the meantime, SDGs or ESGs, these aspects are now becoming very important. On the other hand, climate change and emission of CO2 gas. In pharmaceutical industry, how are we going to compete or fight those issues? Of course, we are going to present what we are going to do in these areas. I think I mentioned this earlier today, for pharmaceutical industry, there are ESGs or SDGs goals or measures to be done for each company, each player. There are certain areas where we can make our contribution to the medicine gaps or disparity, or the access to medicines, and how secure and thorough work we have been doing in each area. Immediate financial return may not be directly derived from these efforts in some cases. How should people evaluate those efforts, or how people should support such activities which may not directly lead to financial results? Whether or not we are able to explain in an orderly manner of all these points to Mr. Hyogo, I think that is the key, and that is something I am keeping in my mind. As a front runner in terms of governance, I hope that you will continue to run as a front runner going forward. Regarding ecosystem, there is another, just one follow-up question. Mr. Yanagi has mentioned frequently in terms of capital cost, equity spread must be positive. In that understanding, you are deploying in this business, right? Yes, of course. That is correct. That is the function which is expected to be upside. Yes, understood. Okay. I have expectation to how this will be playing out. Thank you very much. Next, Mitsui Sumitomo DS Asset Management, Otomo-san. Mitsui Sumitomo DS Asset Management, Otomo-san. Thank you for taking my question. Can you hear me? Yes. Thank you. I'm Otomo from Mitsui Sumitomo DS Asset Management. I have one question. This is a qualitative question, asking for a qualitative response. In the model to remove anxiety, what happens after removing people's anxiety with EUP? By building EUP over a long term, you have built empathy for the patients and families, and you have built relations with HCPs and government. I think as a result, uniquely, Eisai is able to take certain actions. When you completely implemented measures to remove anxieties, what will wait afterwards? Is it to eliminate all of the anxieties regarding dementia? In a way, my question is what is the ultimate mission of Eisai is regarding dementia. This is Naito. Thank you for your question. The answer is trust. After removing anxiety, there will be trust between the people and Eisai. We will be able to build trust between the people and Eisai after removing anxiety. Thank you very much. Thank you. This will be one last question. The last person is from Sumitomo Mitsui Trust Asset Management, Koguchi-san. From Sumitomo Mitsui Trust Asset Management. My name is Koguchi. Can you hear me? Yes, I can. Thank you for this opportunity. I may be repeating what has been already discussed. I would like to ask you to elaborate further on ecosystem management philosophy, hhc, human health care, and ecosystem. From this aspect, I would like to ask you a question. This grand platform, for this platform to perform well, you needed to share the interests with stakeholders. Within Eisai, it may have been challenging for you to share these values or philosophy among people inside the company. When it comes to how to share these values or philosophy with a wide-ranging of stakeholders, particularly those people other than HCPs, players in other industries. When it comes to alliance with those players in other industries, it will be even more difficult. Could you please give us your impression or take on what you have experienced so far? Are there any measures that you are thinking about in order to facilitate the process? Chief Digital Officer of the company, Keisuke Naito, is going to respond to your question. Thank you for your question. Partnership to form an ecosystem, the difficulties and challenges, and how are we going to overcome them? I think that was your question. In pharmaceutical industry, through a partnership and a collaboration and incubation, we are going to advance these, and that's what we explained in today's information meeting. In these areas, in order to advance these efforts, we need to have a POC. In earlier question, what impact will be brought about? That was the earlier question, but in order to have a stable business at scale, what can be realized, that these have to be measured, and then we have to conduct the scaling. This will be a key. For these efforts, regarding the partnership, we needed to take steps one by one, steadily. Have I answered your question? If you have any further or follow-up questions. This is Naito speaking. I think the corporate philosophy may not be necessary according to what you have just answered. Ecosystem is supported by hhc or your corporate philosophy. Is this correct? Naito speaking. Yes, please. If I may follow up our comment. As you pointed out, to understand patients' anxieties itself was very challenging. We do not think that we have understood everything, all the anxieties completely. Over the past 25 years, we have been doing this, and at last, we think that we have been able to elucidate some of the anxieties. Now, expanding the subjects to the people more widely, and then how are we going to do this? Are we going to share time with the patients? Then if the patients are replaced by the people, how are we going to spend time together with the people? This is what we have to keep in our mind at all times. Particularly, we are currently under pandemic situation with COVID-19. It will be very difficult to interact with the people in person. For example, at normal times or peacetimes, in our office, we can create a community space where we can host the various events, and we can have a chance to interact with people, residents in the community. At the Kawashima Complex, we have café. We can expand that as well. Under new normal state, we'll be able to do this. We'd like to. Otherwise, in remote settings, how are we going to implement them through digital manner? How are we going to do this? The data held by individuals will be one important clue to understand the patients. Another is imaging or video. Excellent documentary films are available. Under pandemic, we have come to know this. The producers of documentary films have created excellent documentary films. If the producers are excellent, you can be moved to see them with very deep message. Through such documentary film, we are able to understand the anxieties of the people. That's what we have already started internally. As pointed out by you, I think that is the key for us. We have philosophy in expanding the subject to the people, the philosophy can be the key for doing this. We don't have perfect answer to that now, currently, we are making utmost efforts to expand our efforts to various option. Understood. You are feeling the achievements in day-to-day operation, right? Well, looking at such documentary films, as well as contacts through remote manner, we are sharing what we have experienced with associates and employees, and I think that the new achievements and results are being seen now. Thank you very much for response. I hope that your trunk will become wider going forward. Thank you very much.