For taking your time to attend fiscal 2025 Eisai Opinion Exchange Meeting on Value Creation Report and ESG. I will be serving as your moderator today. My name is Tokunaga and I serve as the Head of IR. This meeting is held online. Please check our website as the presentation materials are available through the website. In the Opinion Exchange meeting today, we would like to exchange views with you regarding Eisai's initiatives of value creation. The purpose is to make the most of the opinions we receive today in the management going forward and to reflect the feedback in the planning and production of the Value Creation Report next year and beyond. Today we would like to convey to you how Leqembi's social impact is visualized and how our initiatives are affecting the society. What contributions are being made from dementia area initiatives which is the source of the competitiveness of Eisai as featured in Value Creation Report 2025 and how Eisai's non-financial capital, in particular R&D promotion, brand strengthening and employee engagement are contributing to and linked to the corporate value enhancement. As for the agenda today, Mr. Terushige Iike, Chief Integrated Strategy Officer, will present advancing materiality and non-financial capital initiatives in a presentation format before a panel discussion on initiatives and medium- to long-term vision in the dementia area by Mr. Keisuke Naito, COO and Chief Growth Officer, Mr. Masatomi Akana, Chief HR Officer also in charge of sustainability, and Dr. Katsutoshi Ido, Chief Scientific Officer. At the end, we plan to have a session for Q&A and exchange of views. We also have Ms. Minamida, Head of Sustainability Department. In the final part, we also welcome questions on sustainability. Now we would like to begin our presentation. Iike-san, please start. Thank you very much for taking time to participate in the session. Now could you please show the next page? I would like to spend about 10 minutes to give you an overview. What you see here. This page shows our core concept of Eisai. We have corporate concept which has been incorporated in the Articles of Incorporation as the first company to do so, perhaps. As you see on the left hand side, that concept is shown and a business model in the middle and before that on the left. You said that in order to be sustainable with the society, we have formulated a new Eisai Future Creation Strategy as the input to promote. SDGs. So we have. The intellectual capital and the human capital which are very important for our industry and business. As you know, dementia and oncology, Global Health. In these areas we are inputting our management resources and. This is also described in the Articles of Incorporation. We put importance on the sequence of mission and the results. As a result of a business. The. Capital. Obtained through the business activity will be larger than what we invested, and the PBR improvement will be aimed at utilizing the capital and as a result of the business regarding the value we provide to the society, which is not represented in the sales and value, and also Social Impact Index are continuing to be utilized. Through the business activities, the capital which is generated will be reinvested into the next business and this is the Eisai's social value creation model, Eisai's Social Impact Creation Model. And next phase I would like to talk about materiality. About 10 years ago, since 2016, Eisai materiality has been disclosed. In June 2022 we amended our Articles of Incorporation and what has been newly added the social good in the forms of relieving anxiety over health and reducing health disparities and to enhance corporate value in the medium to long term. For these purposes we have considered material topics and two years ago, since starting in 2023 we have started to disclose this new materiality. On the vertical axis you see the stakeholders' satisfaction and we are trying to sustainably maximizing corporate value while striving to satisfy all stakeholders and on the horizontal axis this represents Eisai's intrinsic corporate value, social impact and financial value and improvement PBR and based upon whether or not there is a confirmed correlation with PBR improvement, we prioritize these items. As you see here, material topics from one through five are positioned as particularly important material topics and its 2030 long-term goals and KPIs and associated risks were set through deliberation and confirmation. By the Board of Directors. Next please turn to the next page. This shows the social impact creation targeted by Eisai. There are three. First one in dementia area. This is the social impact of the Leqembi in the United States in the dementia area. It's not solely based upon the price of the Leqembi but. The value that patients and their families can gain from administering Leqembi are the basis for calculating this value. In the middle Global Health. The social impacts of the free provision of the DEC tablets in the Global Health care area by providing DEC tablets free of charge and the value of avoiding chronic lymphatic filariasis or reducing the number of attacks through the provision of DEC tablets are calculated into economic value. At the very bottom, Employee Impact Accounting was introduced as a social impact creation method for human capital. For our employees. Out of the wages paid to our employees. The percentage of the contributions to the society that has been calculated as the value in terms of human capital investment efficiency. Next, page six. This is rather a busy slide, but this is about the materiality number one. Number two, there are long-term goals and targets and KPIs. Last fiscal year in 2024, some progresses were made. These are also described here. First one, dementia area. Last year during the fiscal year 2024 Leqembi in five regions all five regions of our business we have obtained approvals and Leqembi has been launched in all these five regions and the targets for fiscal 2025. Materiality was set up in 2023 in all five regions. Obtaining the approval and achieving the reimbursement were set as the target. However, due to the changes in the reimbursement planning in each market since the last year's Value Creation Report, getting approval in all five regions and early realization of launch of the Leqembi were set up as the new targets and during FY 2024 Leqembi. Were delivered to 23,000 patients all over the world in the United States. USD 503 million was created as the social value. In fiscal 2025 we contributed to 350,000 people globally and we plan to create about JPY 80 billion of social impact in the United States. In fiscal 2030 globally we plan to contribute to 900,000 people and create JPY 1.8 trillion of social impact. But rather than such far out into the future, what about the near term in three years time? For example, because of that request in information meeting in March, we also showed our outlook for fiscal 2027. Leqembi maintenance therapy, subcutaneous formulation submission status and blood-based diagnosis. We are making steady progress. Number two at the bottom of the slide, Lenvima in fiscal 2025. In fiscal 2024 made contribution to around 80,000 people globally. As for the target for fiscal 2025 for Lenvima we target to achieve a new indication approval LEAP-011 study. This is in combination with belzutifan in RCC second line we achieved the primary endpoint and we are consulting with the authority towards submission. When materialities were established in 2023 then EMEA global peak sales target was JPY 500 billion. However, because. Non-small cell lung cancer indication study primary endpoint was not achieved, and target number was adjusted in Value Creation Report last year. JPY 300 billion level target will be maintained. Next on page. Seven. In Global Health area we are focusing on lymphatic filariasis, mycetoma and malaria on these three diseases. In the last fiscal year in 2024 regarding LF, cumulatively around 2.5 billion tablets have been provided for free, creating approximately JPY 500 billion of social impact in 15 countries. Mass drug administration was completed regarding malaria last year. In fiscal 2024, a new compound or new therapeutic drug candidates, one of the candidates entered into clinical trial. In this fiscal 2025 for lymphatic filariasis, the biggest endemic country India and in 18 other countries a mass drug administration was completed contributing to about 29 million people creating approximately JPY 520 billion social impact. Next, please turn to page eight. Maximizing human capital. Number four: Penetration of hhc concept and improving employee engagements. Diversity, especially women's participation and employee impact show progress. We are also making steady progress in financial strategy and we have realized financial soundness and optimal capital structure was achieving fiscal 2025 and fiscal 2030 targets. We will continue with our efforts. Please turn to page nine. Next page. This is a story in dementia area. For more than 40 years we have been engaged in research and development and commercial activities in dementia area. In the development of Aricept. It was mild Alzheimer's disease, but severe Alzheimer's and Lewy body dementia were added indications, and Aricept and other formulations were also developed. In this process, global development, global distribution, and medical activity know-how and human capital were acquired, and we were also able to build a network with the academic community. Other communities. Employees are also spending time with patients, the dementia patients, and empathize with them. Through this sense of ownership and sense of responsibility have been fostered among our employees. We have failed a number of times in developing new drugs but we succeeded in developing Leqembi and we are now devoting ourselves to research and development of the drugs to follow. This shows the treasure area and this does not touch upon oncology but financially. The value that we have gained from Aricept has been invested in oncology and in oncology area Lenvima became our main product and this in turn has been. Providing resource invested in development of Leqembi commercialization of Leqembi. In this diagram there are three green circles. R&D expenses, number of Phase 3 studies, and personnel expenses. According to Yanagi Model, these show positive correlation of its PBR even though with a time lag, but these are correlated with PBR. We would like to continue to build dementia ecosystem and continue development for the pipeline to follow Leqembi and we would like to expand social impact in doing so and in the EMEA area we would like to realize social needs, satisfy social needs as for value creation by Eisai, especially in dementia area. And as for value creation, we also are. Working to enhance non-financial capital and these efforts will be discussed in the session to follow, and thank you for your kind patience. We will now move on to panel discussion. During this session. Initiatives in the dementia area and medium- to long-term vision in the dementia area will be discussed by Mr. Naito, COO, and Mr. Akana, CHRO and also in charge of sustainability, and Dr. Ido, CSO. Now we would like to move on to the first topic. Topic one Growth and Operation Concept. Here in March 2025, information meeting medium- to long-term Growth Vision was presented. What thoughts and ideas underlie growth and operation. Concept please? Good afternoon, everyone. I am Naito serving as Chief Operating Officer of Eisai and thank you very much for attending this event. Regarding this topic Growth and Operation Concept. I would like to offer my commentary on this Growth and Operation Concept. As the name suggests growth and operation. We are looking at these. How these relate to corporate activities. You see circles, we separate these two. The one circle is about growth. At Eisai in value creation. At Eisai we have R&D, production and. Delivering to physicians and patients in commercial. The value creation is supported by this value chain and we are continuing this cycle of these three functions, R& D production and commercial and that is at the core of the growth function. This growth cycle should be stably supported by operational functions. Growth and Operation Concept is shown here, and to strengthen this concept we have pillars: number one, drug discovery R&D, and number two, creation of new area of R&D in non-drug discovery area, and the third is structural reform. These are three pillars to enhance Growth and Operation Concept. As for drug discovery R&D in neurology and in oncology. In these key areas we have accumulated human biology knowledge and. Within our company and with other companies, we are in partnership, and through that partnership, we will be creating next generation of drugs, and that will be a very important growth engine of Eisai. We will also be using AI and translational research and cross functional research to efficiently continue drug discovery process in house while at the same time we will pursue partnerships so that we will continuously be launching new products and accumulating technological assets. On the right side, non-drug discovery or creation of new area R& D is shown. There are daily health care issues that cannot be addressed by pharmaceuticals. Behavior, life environment, health care evidence. Such multitudes of data can be utilized to create solutions. Data can be utilized to develop solutions. The drug discovery. Or pharmaceutical companies are strong in this area. But the point is that we will also be using non pharmaceutical technologies to develop solutions. In this new area, R&D includes digital and hardware sensor. For robots to look after the patients. How can we utilize knowledge and how do we produce output? It may be different from drugs. In case of drugs it will be pharmaceuticals. In new areas it may be behavioral changing, digital application or nursing care robot. But at the core, data accumulated and utilization of data are common to both areas. Such knowledge and data can be synergistically used in R&D model across drug discovery and non- drug discovery in translational activities, and we believe that this will create value for Eisai going forward. As for operations at the bottom, structural reform is carried out to sustain continuous value creation. For specific efforts. Global organization mechanism data are being optimized, and in growth cycle we are concentrating resources. In this way, R&D, production, and commercial will be able to dedicate themselves to fulfilling the respective roles. Regarding this basic concept. I think this is what I can say now for this part. Yes, regarding that concept, in fiscal year 2025, this concept was formulated and we are now currently in the ninth month of fiscal 2025, so implementing these in our work and from the management perspective, what kind of progress you have seen and what challenges are you seeing now? Keisuke-san, could you please speak about these? And after that I would like to ask Naito-san to give us your perspectives on the progress or efforts that you have made and the challenges that are emerging from the perspective of R& D. Yes, thank you. At the bottom in the background you see the pale printing of the Growth and Operation Concept that I mentioned earlier. If you look at the top left, this is about the R&D in drug discovery and a growth update. The top right area is the R& D in the new areas and growth related updates. At the bottom, operation light blue color portion is about update on operation and in the first half of 2025, in our core business, pharmaceutical business which has made a steady progress and centering on this, the profit structure was established in order to achieve improvements in both sales as well as the profit. We have secured the profit in order to reinvestment into the growth areas and growth and operations have been started to run smoothly. First of all, in order to support the core business, growth can be in the top left. In more than 50 countries and regions, we have obtained approval for the Leqembi towards the achievement of the fiscal year’s target. I believe that we have been making steady progress, and for IV maintenance treatment approval has been obtained. Also, inflection point very important, and lifecycle management for the Leqembi. Lifecycle management of the Leqembi, the submission for approval of initiation treatment of the subcutaneous formulation and the subcutaneous formulation as a whole and also the initiation treatment. In the submission for approval, we believe that we have been making the steady progress and we are making progress in the establishment of pathway for diagnosis and treatment and on the other hand there are some challenges in order to contribute to even more patients we must build securely the environment and we needed to enhance the market share of Leqembi in each market. We believe that this is one of the challenges we face. As I mentioned earlier, the subcutaneous injection of Leqembi and blood-based biomarkers or BBM to be adopted early and in addition importance of long term continuous administration should be promoted so that we are able to have patients and their family that understands the value of the Leqembi treatment. In addition, in our new R&D area for the elderly facility care facilities by Life Rhythm Navi + Dr. This is a monitoring solution for the facility, and we have made the EcoNaviSta as a subsidiary and Theoria Technologies as well as the data in the new area of R&D. We believe that we have acquired significant capabilities going forward utilizing our medical reps as well as the contracted distributors. Leqembi Dayvigo promotion channels that are available, so we would like to utilize them in order to accelerate the penetration Life Rhythm Navi + Dr. in hospitals and nursing homes and also monitoring robotics with Life Rhythm Navi + Dr. Various sources of information will be collected considering the data compliance, and we believe that we are going to make progress and utilize such data sources to develop new solutions last year regarding the operations. Globally, for the optimization we needed to carry out the structural reforms. During 2024 we carried out a reform in the Americas and EMEA. In 2025 we carried out the reforms in these regions. As I said earlier, growth and operation perspective has been discussed to give you the current status of progress and the challenges we are facing now. So now CSO Ido-san, could you please speak from your perspective of R& D? Thank you. Keisuke-san, I am Ido from R&D. We at R& D had a major reorganization in spring this year. Leaders have various different backgrounds and we had a new start in the last nine months. The purpose of the reorganization is that at the core we have positioned translational organization to concentrate human biology utilizing that PK/ PD modeling simulation functions are fully utilized from exploratory phase to clinical phase. We now have organization that we are able to fully implement this. Using this foundation for subcutaneous formulation without a large additional study, we were able to file submission reducing cost and time substantially. This model is not only for Leqembi but for next generation AD drug development. We are making full use of this, as shown on the left side. We are focusing on anti-MTBR tau antibody E2814 in familial study. In P hase 1, we were able to achieve a p-tau suppression, and the data collected here will be accumulated as a human biology and will be reflected in the model. By continuing this cycle, we are accumulating core capabilities in dementia area. Below that, neurology research platform cultivated with our level of R&D spend is our strength, and narcolepsy drug candidate E2086 came out of this. In the first half of this year, POC was confirmed in Phase 1b, which was a major outcome. Another important area is oncology and as shown below Lenvima. This is first and foremost a big theme and in advanced RCC study with Merck we achieved the primary endpoint. First line study is also making good progress and we have high expectations. Similar to neurology in oncology we have Lenvima or eribulin biology knowledge that we have gained from clinical trials. These are concentrated in translational organization and will be utilized in E7386 for which clinical trials are underway and also in MORAb-202 and in the development of the next generation candidate. As for the challenges going forward. Strategic resource allocation is necessary to ensure that we will continue to have next generation of candidates. As for clinical trial related development for Leqembi, this has picked out so resource should be selectively allocated to high success probability projects and we will also pursue joint development with our partner in especially we would like to enhance the quality and breadth of oncology pipeline and that is all. Thank you very much. Now we would like to move on to the further topics on the discussion we have discussed: growth and operation, and this is achieved by people employees. How are they feeling about this at Eisai? Since 2021, globally unified engagement survey has been conducted. During the fiscal year 2023, a survey was also conducted. Based upon the results of that survey, we have identified innovation and leadership as two global focus areas for improvement, and we have been working on these areas continuously. Regarding this. The results of the fiscal year 2024 Global Engagement Survey became available and measures to be taken. These will be discussed by Akana-san. Akana-san, please. Yes, thank you very much. Mr. Naito. Thank you very much for participation today and I'm in charge of the sustainability and human resources. My name is Akana and what you are seeing now shows the results of this year's Global Engagement Survey. As Tokunaga-san explained. Since last year we have been telling you that at Eisai, innovation and leadership have been identified as the focus areas for improvement. Today I would like to focus on these two areas. First starting with innovation. Up until the last survey, this score. Has shown the downward trend and this has been pointed out, and this year however, we have seen the recovery in the score showing the favorable result, and what has driven this improvement was in the area of use of the latest technology. In almost all regions the score has shown improvement since last year and this is particularly related to the R& D. Therefore, I would like to ask Naito-san who is in charge of R& D to give us your take. Yes, thank you very much. Looking into the movement of the scores and particularly in R&D, I have had the impression that there was an improvement in AI and almost all entities. We are now able to utilize generative AI and we have been continuing to invest in AI areas. Therefore we have enhanced R&D strengths and I think that these benefits have been felt on the ground. I talked about modeling and the biomarkers and the clinical functional data. AI machine learning have been utilized in analysis and what kind of benefits can be expected for which population and exploration and on the clinical side we are now able to discuss based upon the analysis of these. In the actual ground AI usage is being progressed and particularly in medicinal chemistry. We believe that we are starting to see the benefits. We are usually targeting proteins outside of the. Biology and AI and computational science and also data are combined together in order to find the compound which can bind to the very difficult surface as well as we are able to increase activity by 1,000 or 10,000 times in short period of time. In this experimental system, the translational organization which is in charge of the molecular profiling, they have such technology. We believe that that is a very strong point of us. We have the mass spectrometry and also samples and immunoassay system and we have identified target and MTBR-tau243 as well. We have a very good recognition outside of the company and this has led to the identification of donepezil. We would like to continue to invest in these areas as well. Regarding the leadership case, Keisuke-san, could you please give us your take on this? Excuse me, I forgot to unmute. Yes. About leadership. For two consecutive years, the trend is declining trend. So the top management and myself as a Chief Operating Officer, I'm reflecting on this very seriously. As for leadership items. one, c onfidence in the decision by senior leadership, two, c larity of business strategies, three, c lear future vision. These three comprise leadership items and we see declining trend in all three. As I mentioned earlier, Growth and Operation Concept is adopted and updating the progress here. As Akana-san will later describe, we are implementing various initiatives to address this to turn around this trend. But we believe that we should communicate more and strengthen our communication by region. There is a more pronounced decline in EMEA, Lenvima, Kisplyx and Halaven. These oncology related products account for about 60% of the revenue in EMEA and Halaven LOE impact is becoming manifest. Regarding this. In addition to such business conditions. There. is a room for improvement in terms of communication to the employees as well as COO responsible for overseeing all of regions and also Mr. Iike, CEO. I believe these are our responsibilities and we'll make sure to implement measures centering around Chief Scientific Officer Naito-san. We are enhancing our pipeline and the successful launch of Leqembi in European region. These will also be very important milestones and we will steadily make progress in these businesses. I would also like to ensure good communication. With these two measures we would like to improve engagement. Now I would like to ask Akana-san to discuss some concrete measures regarding communication. Yes, thank you. Thank you very much. As Keisuke-s an mentioned. There is the point of communication, issue of communication. Please look at the left photograph. This was carried out on September 5th, called Eisai Casual Kitchen. Six directors attended and with employees. Various communications were held. Employees raised many questions. This is about attended. By 380 employees. At the same time, about 15% of employees in Eisai, Japan. The biggest objective of this is to reduce the distance with the directors and to have a sense of familiarity with the top management and to understand the business strategy. So we showed a video of cooking of dishes good for cognitive functions and we also utilized online chat interactions. In the end, we conducted anonymous questionnaire of the attendees and we were able to achieve a high score of 8.3/ 10. Please look at the photographs on the right side. These are initiatives that we are contemplating at the moment. We are also planning to communicate the direction of a company very clearly so that employees can work with a sense of persuasion and conviction. First Synergy Forum. This is an internal event to show all of HR related initiatives. We plan to hold this in February and for about two hours HR will be introducing initiatives. Employees can take part on topics of their interest. This is not limited to Eisai. We also plan to include collaboration with other companies. Left bottom Crosstalk Caravan. This is a caravan by directors going around all of the regions to conduct small meetings. Ideally, we would like to have such caravan 100 times in a year. We are also considering stock-based compensation as shown at the right bottom by providing stock-based compensation to all employees, we would like to increase the sense of participation in the management by the employees. Next please. I'd like to move on to the next topic. We are discussing HR-related initiatives. Employees under the hhc concept are realizing social good, and they are able to directly engage in realizing social good. The only stakeholders who are able to do so, and we would like to leverage the strength of each individual and achieve synergy within an individual and synergy in the organization to create an impact, energy, synergy, and impact energy within oneself, synergy amongst individuals, and impact. We are often discussing these three terms. What Human Capital Management is promoted by Eisai? Once again, as the final topic under theme one, what is Eisai's Human Capital Management and innovation creation and impact on corporate value? We would like to discuss that on this topic. Akana-san, please. Since 2023, a report called the Human Capital Report has been issued, and we are receiving increasing number of questions from investors because we have published this report. So let me share with you briefly what it is. HCR, Human Capital Report, is issued originally by the HR of Eisai, and HCR 2025 had more than 130 pages. A very voluminous report was issued only for the information related to HR of Eisai. In the interest of time, this report has been highly evaluated by many people, but I would like to focus on the. External evaluation of the HCR. Specifically, its candid and frank description of the four issues. As you see from the relevant pages of the HCR 2025, this report frankly describes the challenges faced by HR. Namely, a global HR system has yet to be established, there are issues with the culture that fosters innovation and the DE&I promotion system still needs to be improved and there are various challenges due to the asymmetry of information between the company and employees. Regarding the details, please read through the report. But today I would like to focus on. Information asymmetry between the company and the employees, which was the subject of our question, and regarding the awareness of the internal initiatives, we conducted the Pulse survey conducted in March 2024 and 2025, and this shows the results of the survey. At the beginning of 2024, for example, only 52.8% of employees had an understanding of the integrated HR strategy, which we recognized as a major challenge. In response to this, we took various measures. If you look at the left bottom, for example, we published a two-minute HR EMEA newsletter on every Wednesday called Learn All about HR in Two Minutes. Last week we issued the 100th of such EMEA newsletter, and over drinks people are able to discuss management issues that is conducted in a project called Project Akachochin. In total, 650 employees participated, and regarding the Human Capital Report, it's not just the publishing or issuing. We believe that the post process is very important. For example, in HR we created T-shirts to conduct the promotion activities for this report. As you see on the right-hand side, over 15,000 downloads both inside and outside of the company was digital. As a result, understanding of the integrated HR strategy increased by approximately 20% to 70.6%, significantly increasing interest and understanding of HR initiatives. HR will continue to promote our efforts to come across. Next please. In addition, Human Capital Report 2025 features the following content. Please take a look at the various aspects of Eisai's people related initiatives. We would be very happy if you could read through this, and due to the time constraints today we will only introduce examples of collaborations with other companies which are extremely important in Eisai's Human Capital Management. Next. So this past April, 20 people from the HR department of Marui and Ajinomoto visited our company, followed by 20 people from Chugai Pharmaceutical in May, and we held knowledge sharing events with those representatives from other companies. All these three companies are leading Japanese companies in the field of human capital, and we had the opportunity to discuss and resolve various HR issues through consultation sessions and bragging contests. I believe that this was very valuable time for us to discuss HR related issues. In this way, the essence of Eisai's Human Capital Management begins with clearly identifying the challenges and initiatives we face. We believe that the coincidence of Eisai's Human Capital Management also lies in receiving various feedback, improving our HR strategy and using it to further disclose our information. Thank you very much. Thank you, Akana-san. Now moving on to theme two. In this talk session we will discuss value creation in the dementia area, pioneering the future through drug discovery and non-drug approaches. In the beginning, in Mr. Iike's presentation Eisai's Social Impact Creation Model was presented. The value creation. It starts with hhc concept, company concept. Starting from hhc concept. What does that mean? Patients and people in daily living domain we want to understand their feeling by spending the time together. And that is what we call socialization. What kind of socialization activities are we engaged in and how that is reflected or incorporated in daily business operations? That is what I would now like to ask the panelists to discuss. Naito-san, Akana-san, Naito-san in that order please. Naito-san, could you start? Thank you. I have been working in neurology drug discovery for many years and participated in various socialization with patients. But I always felt that. Not just in one day, but continuing socialization in the same place. Over the years I'm able to understand the true feeling of patients. I was engaged in epilepsy drug discovery in the beginning. Textbook says that either 70% of the seizure can be controllable. But while cooking, while frying food because of generalized seizure, patients suffered a serious burn. And I felt strongly that we must develop a drug that can reduce seizure to zero. And there is also strong drowsiness due to drugs. So I also launched a project to develop drugs that causes less sleepiness. I also engaged in socialization. When I was working in Boston, autism spectrum or developmental disorder patients were receiving cognitive behavioral therapy. Pharmacotherapy is important but non-pharmacotherapy is also very important. I was able to realize that and we also had such programs in the company at the time. In the middle. In the past few years I have been socializing with MCI patients in university hospitals, engaging in brain exercise, mental exercise, and various activities together, and anti-amyloid test was undergone by these patients, and patients were speaking of their hopes, and they were also afraid that progression of dementia may not stop, and some of the patients were desperate because their score meant that they were not eligible to receive treatment. But the can be should be a hope. We would like to deliver the Leqembi to as many patients as possible and importance of early treatment. I'm also discussing that and we would also like to be able to regenerate nerves or protect the nerves even in advanced stage. And we would like to launch such projects. Before becoming forgetfulness. There may be change in behavior and personality because of that understanding of the mild behavioral impairment. We are discussing across the functions whether it is possible to develop pharmacological and non-pharmacological interventions for mild behavioral impairment, and I've also participated in Relay for Life for oncology in fall. The next CT is what patients are very afraid of. CT is like a school scorecard but with the blood to be able to test or to alleviate anxieties for recurrence. Such anxieties to be alleviated, that is very necessary, and in R&D we also are cognizant of these needs of the patients. Akana-san, can you discuss your socialization activities? Yes. At head office HR we are also very actively practicing socialization. We will also be socializing, engaging in socialization with patients. These are photographs from last year on the left side with patient advocacy groups to understand better PMS or premenstrual syndrome. We used a game and understood that this is not limited to certain gender. If you could look at the right side, the serious menstrual cramps leading to a missing business opportunity such as experience is what we heard from patients and to realize how painful it is. Male employees experienced menstrual pain, and these are carried out at the same time as DE&I event. This was a live-streamed company-wide to increase understanding and awareness. Experience, can you share your experience? Hi, microphone again. Naito-san. Explained how socialization provided important suggestion and motivation for product development and Akana-san discussed how socialization is utilized in developing a good organization institution inside the company. I would like to discuss interaction with people outside of the company, especially patients. How they are facing their symptoms, how they are facing society. I would like to share with you some of my experiences on the left side. This is a conversation with early onset dementia patients and what I. Heard from him was very interesting. But there were some insights that left a strong impression when the person was diagnosed with dementia. And I'm sure the reaction may differ from person to person. But he said that he felt a sense of relief knowing the cause. To. Understand the to be given diagnosis may be something that people are afraid of, but some people feel that something is wrong, and having a diagnosis. Makes one realize that it was a symptom of a disease. It is not a problem of the ability to remember, but it's because of disease leading to sense of relief. In this way this person was able to accept having dementia. Now he is a frequent speaker giving lectures and with that identity he's leading a more fulfilling life than before being diagnosed. He was a font of insight, so even with dementia, society should allow people to be fully themselves and to accept dementia and continue to live authentic life, and I want more people to know this, and I once again realized. Restrengthened my determination to develop drugs for them. Reporting directly to me is a COO office and Global Digital. Together with Global Digital Business Transformation Headquarters, we have invited a nursing and support facility where people are employed called DAYS BLG! Hachioji and we sold. Tissue paper boxes and traditional cloth bags together. DAYS BLG! Hachioji support facility and facility to provide long term care while providing employment to people with various conditions including dementia, and DAYS BLG! Hachioji says that they want to be engaged in the society and would like to contribute to the society and as a place for social contribution. This employment type of nursing care facility. Nursing care service is provided by DAYS BLG! Hachioji together with DAYS BLG! Hachioji employees. We sold things that were made by people who are using this facility, and through that we understand the feeling of people with dementia. And we also are seriously considering how we can truly meet their needs, and I believe such culture is deeply rooted in Eisai. You may think that this is only a matter of course. It is only natural. But the environment, how you perceive environment may be different. The needs may differ from one individual to another. But as for the disease. Rather than it being the identity of that person, it is only one of the feature or event in the life course of that person. So rather than understanding a person uniformly, we have to look at each individual differently. And in order to make contribution, we believe that a pharmaceutical solution can be a very strong solution. Which can be a foundational solution, but as for personalization. Since drugs have to be effective and have to be provided within a regulatory framework, so it requires intervention by a person with the knowledge of physician. But there are some gaps in digital hardware devices that can be used in the daily lives may be able to fill the gaps. So we need to look at both pharmacological and non-pharmacological approaches. And that is one of the things that I've learned from socialization. In this way. The purpose of socialization is that. Regarding a certain disease, we would like to come up with a new answer, a new solution using our expert expertise. And therefore we are able to gain insights and become motivated through socialization. And we also should understand new solutions by others. There are two sides to the socialization. And we have new activities, new answer to dementia. And this is material that introduces the campaign which began in March 2025. This does not introduce a socialization per se, but people who are facing dementia, how they are each facing dementia. And with our various partners, we are exploring answers and some of the answers and solutions. And some of these efforts are introduced. In addition to our efforts made together with partners, our employees' messages are also shared and this is to introduce colleagues who are working together with us. I hope you will also take a look at this campaign. Next, we would like to share with you the. Eisai Future Creation Strategy linking sustainable initiatives to enhancing corporate value. So Eisai's Future Creation Strategy and in March 2025. Sustainability strategy or Eisai's Future Creation Strategy was formulated as new strategy, and what kind of a strategy is it and how is it connected to enhancement of corporate value? Let us explain this first, Mr. Akana. Could you please explain this? Yes, thank you very much. It's a little bit busy. I'm sorry about that, but what we are showing you is Eisai's Future Creation Strategy, and before that, in 2022 we amended a part of our Articles of Incorporation at Eisai, and regarding the Human Capital Management was mentioned. Actually sustainability was also mentioned in the Articles of Incorporation: Contributing to a sustainable society with a long-term perspective. This wording was incorporated in the Articles of Incorporation, a kind of a constitution for the company management, and at Eisai, based upon the hhc concept, we have formulated a sustainability strategy which we are currently implementing, and this Eisai Future Creation Strategy, much longer than the medium-term plan, a 30-year plan, and also for the further maturation and growth of the company as well as the society. This is how this strategy is positioned. Next, and based upon the empathy we have been pursuing, the management driven by the empathy based upon the past experience and gaining the empathy believe that the stakeholders and employees have been shared the empathy with the shared vision of the future and also the relieving the anxiety over health and reducing health disparities. Such achievement of social good is included in our Articles of Incorporation. We believe that revenue and earnings will be generated as by first fulfilling this mission and we place great importance on this sequence. In the process of achieving social good, we will pursue consideration for the environment and also respect for human rights. Maximizing human capital and ensuring governance and integrity through empathy with stakeholders through these processes. As I mentioned earlier, Articles of Incorporation also stipulate contributions to a sustainable society with a long-term perspective. Next, please. We would like to discuss pioneering the future through drug discovery and non-drug approaches. Company's efforts, especially Leqembi, how is it impacting the society and Eisai's non-financial capital, how is it affecting the enhancement of corporate value? That is what we would like to Keisuke-san, please. As we have been discussing. At Eisai, we would like to realize a society where everyone can overcome dementia in their own way and use pharmaceuticals and digital technologies to create innovative solutions. And. Come up with new answers to dementia. And we would like to realize a society where each person can pursue a new answer to dementia. We are developing next generation of drugs in dementia market and we would like to launch one product after another from the current pipeline to change the state of dementia in the society. For example, preclinical AD. We are approaching the preclinical AD and to a degree, preventative approach can be achieved and combination therapy can also be adapted to maintain cognitive function more effectively. In this way, our pipeline. has an impact that can change the way people face dementia, and strengthening this will directly lead to having a very strong presence, overwhelming presence. For example, in Japan. Earlier we discussed growth cycle and presence commercially is a very important one important area. We have representatives, medical reps who are highly valued by neurology specialists and key opinion leaders in this area are invited as speakers in many academic meetings that we organize. Including Japan Society for Dementia Research and also in oncology area. We are pioneer of pharmaceuticals and we have. Good solutions. But there are also. Areas outside of pharmaceuticals, and we have subsidiaries that have strong capabilities in developing solutions in non-pharmaceutical areas. In that sense, we think we are very unique and we have track record in developing drugs and expertise and capabilities, and we also have in-house digital capabilities, hardware development capabilities. Combining these, we are collaborating with different industry players, municipalities, and academia. We would like to continue with this next next slide, please. So what we have to do will change over time. But I believe that the source of innovation of Eisai's science, bravery and tenacity. These three words show the source of innovation of Eisai. The other day we had AD Day, Alzheimer's Disease Day and concept movie was shown on that occasion, and you see some photographs from that movie. On the right side, in terms of science, the left part shows a team which is Eisai team which. Pioneered research and development of dementia drug for the first time led by Dr. Sugimoto. Acetylcholine hypothesis, which was quite unprecedented, was utilized and it was not considered a disease. Dementia was not considered a disease. But. Challenges were taken on to develop a drug for that with yet to be proven hypothesis. That is with respect to science, and this attitude is quite similar to Wright brothers who tried an unprecedented challenge of flying an airplane. Apollo 11, after many failures, succeeded in a lunar landing, and in a similar way, bravery and tenacity are exerted and we believe that that is the identity of Eisai. We would like to continue to base ourselves on this spirit and in dementia area, oncology area and in new areas. We will continue to take on the challenges and create new solutions. About the three words that I described and starting with science, as I discussed just now. In neurology or Alzheimer's disease, we have new products that are being developed as we introduced on AD. AD is understood as a continuum and the fundamental pathology amyloid beta, tau and neurodegeneration. Based on that hypothesis, we will continue to test the hypothesis. In the repeated process, we deepened our understanding of the disease, and this is the scientific accumulation that will continue to be the foundation of all of our efforts. As for bravery, for example, this shows history related to dementia and our activities and social perception. In chronological chart. If you look at the very left, this is from 1960s. According to publication, dementia patients who are at no fault were tied, restrained or were. Put in a room that was closed or drugged to be dizzy, and this is how dementia was treated back then. The care. Was not given. It was not considered a disease that was the problem. But the people who had dementia that were the problem, it couldn't have been helped back then. But in this way, dementia was misunderstood and was isolated. But in the 1970s, as I introduced earlier, acetylcholine hypothesis was advocated and dementia is now approached as a disease, not as people who have dementia. And drug discovery reports began in the 1970s and Aricept was approved in Japan in the 1990s. So it started the era where dementia is approached with pharmacological intervention. But. 117 or so products have failed in the development. To develop dementia drugs. Even Big Pharma stopped development because of questions about amyloid hypothesis, but because of science, belief in science and bravery and tenacity, we finally were able to obtain approval for Leqembi 2023 and opened an era where fundamental pathology of dementia can be approached for the first time in human history. More than 40 years of journey. is the history of our struggle and challenge to find answer to overcome the dementia to save people from suffering. Last, tenacity. As I mentioned earlier, we will never stop moving forward, until the day comes when everyone can overcome dementia in their own ways. We will continue to strive to develop various solutions, and one of the big pillars we would like to continue to develop groundbreaking treatments. But already, that accounts for early AD. To slow the cognitive decline after the onset of AD that has been confirmed through our data and we are now able to make such contribution to the patients. Going forward, there will be new additional options. For instance. In the bottom left, the first option, as we introduced on AD Day, expansion of the indication for preclinical AD. By intervening at an earlier stage, we aim to potentially prevent the onset of AD itself. Other new treatment option is a combination therapy of the lecanemab and the anti-tau antibody E2814. It simultaneously targets two key pathologies, amyloid and tau, with the aim of completely suppressing the deterioration of cognitive function at the onset of AD. These are the new treatment challenges and we believe that we will be able to manage different dementia and the patient with the dementia will be able to control or manage their own disease in such new era. And by realizing these new treatment options based upon the chronological order, we will be able to add another event milestone on the chronological line, and the science and bravery and tenacity based upon which we will continue to work hard. Next, on the other hand, there are solutions to health issues that cannot be resolved with pharmaceuticals, and that is the goal of the dementia ecosystem, and we will build our capabilities of development on our. Own. In terms of the direction of development and the development of the capabilities in our development in house we have been building from the bottom upward. At the very bottom we developed a NouKNOW to monitor the performance of brain based upon the digital index that has been introduced and the number of installation or downloads has been continuing to expand and Arteryex. This is the group of engineers. This Arteryex has been developing the Pashatto Karte as if you are taking a picture of the results of the health checkup and then the result will be automatically entered into the app and the user and the data volume has expanded and expected to reach 300,000 users by the end of this fiscal year. Theoria Technologies. This is the spinoff from U.S. data science and digital ID issuance is the area this company is engaged in and also Theoria. This has also seen the number of page views increasing from approximately 400,000 per month to approximately 700,000 so we are seeing the steady progress in this as well. At the very top, EcoNaviSta. The Life Rhythm Navi, the core solution within the ecosystem, at the very top we have been able to acquire this as obtain this as well, and hardware and sensor capability development capabilities have been obtained as well. As. Next page please. As I have introduced these three subsidiaries and Eisai working together. For example, at the very top, the patient journey of the dementia pathway at the very top in arrows. I will not go into too much details about this, but there are a diversity of needs and solutions other than pharmaceuticals. Of course, medicines will continue to be the central part, but we believe that we have been able to establish capabilities in order to provide such non-pharmacological solutions as well. On the other hand, there are other industry players who are playing their own part. So we would like to continue to collaborate with those people from different industries. So we have discussed value creation in dementia area. We will now move on to the final part Q& A. We would like to take questions on Value Creation Report and ESG. Ms. Minamida, Head of Sustainability Department is also in attendance. We welcome sustainability related questions as well. If you have question please raise your hand. Please raise hand. Tony Ren from Macquarie. Please. Oh, hi there. Thank you for taking my question. Can you hear me clearly? Yes, I can hear you. Okay, perfect. Yeah. Let me just ask you a couple of quick. Questions. Give me just one second here. Okay. Your slide number 17 and 18 in your presentation. It appears that in the EMEA region. In that region it looks like the survey score has declined a little bit. I just wanted to hear from you what might be the reason behind that. Another question is about your Leqembi in China. Over the weekend we saw that it was included in the very first China commercial health insurance formulary for innovative drugs. From our expert calls we also understand that the suggested price discount is somewhere between 15% to 50%, 15 to 50 with the median probably around 30% to 40%. Wanted to see how are you thinking about this? How would this help expand patient access to Leqembi and reduce disparity in China? Yeah, thank you. Mr. Naito. We will address the first question on EMEA survey results. In Japanese, please. Thank you for your question. So once again as we noted during the presentation in EMEA region about 60% of the revenue come from oncology related products. And one of the main products Halaven had loss of exclusivity LOE and we believe that this had a major impact. And because of this business condition, we think is this was a major factor, and as I also noted in the presentation regarding our communication and the leadership. Is there room for improvement? I believe so. Regarding the change in business conditions, we could have explained more. That is the result of the engagement survey. We would like to utilize that going forward. On the second question. It's a little bit outside of the Value Creation Report in ESG. It's related to news release. So after the end of this event IR will contact you offline separately. Next, I think the person who has been raising his hand, Hashiguchi-san from Daiwa Securities. Can you hear us? This is Hashiguchi speaking. Thank you very much. Regarding the engagement survey that was asked earlier, I have my first question about this item of leadership. Yes, Eisai's scores seemed to have been down, but regarding the. Japan, the domestic network, there is a significant improvement in the innovation. There is a significant improvement in the domestic network. So how do you analyze this, and do you think that there is a possibility that this initiative can be rolled out through other regions? Regarding this question, I would like to ask Akana-san to respond to Hashiguchi-san. Thank you very much for your question. As you are seeing on this slide, regarding the domestic network, Japan's subsidiaries, I believe that there is a significant improvement and we broke down this and EA Pharma has shown significant improvement through the structural reforms and the EA Pharma has been reborn and they are promoting their business. What did they do under the top management and other management team members had secure a dialogue with employees and the strategy of EA Pharma has been communicated thoroughly to employees and that is what they did repeatedly, and because of this background, I believe that the scores in the innovation area particularly have seen improvement in Japan subsidiaries and the latest technologies as well as AI technologies are utilized as well. And regarding the rolling out of the same initiatives, communication to all employees as well as the strategy, corporate level strategy should be communicated to all employees and that is the initiative that should be rolled out to other regions and entities in other regions. Actually that is what they are currently doing already, but in different formats or the initiatives utilizing digital technologies using their various channels. I believe that they are going to show improvements in the scores in the leadership areas. So as I mentioned earlier, this is included in one of the measures that we are currently thinking about to roll out. Thank you very much. My other question is related to the new initiative. The Future Creation Strategy was formulated newly this year. By formulating this strategy, how do you think the future direction is going to be changed? Which was not clear to me. And. You discussed that you are eyeing a time 30 years ahead of us, so in 30 years from today. Thinking about the future of the company in 30 years from today, what kind of issues or challenges are you going to face going forward and how are you trying to change your initiatives in line with that? So how this Future Creation Strategy of Eisai's connected to the future direction of the company? Ms. Minamida is going to respond. Thank you very much for your question. I am responsible for the Sustainability Department. So, regarding thank you very much for having interest in our Eisai's Future Creation Strategy. In the process of formulating this strategy, as we have explained today, we use the hhc concept as the basis because this is deep-rooted in our mindsets. So of course there were various opinions inside our organizations whether this new strategy is necessary and hhc concept stays unchanged and this Future Creation Strategy is based upon this hhc corporate concept. But what is included in the Articles of Incorporation, the contribution to a sustainable society over the long-term period. In order to realize that rather than the medium-term plan. But we needed to have a longer perspective thinking about the society's maturation and growth of the companies as well. These have to be redefined. That's what we thought. So that's why we have had a discussion over the past one year to formulate this Future Creation Strategy. We are looking ahead at 30 years from today and that is the time when the current children will grow up to be adults so that they will feel like working for Eisai in 30 years from today. Japan or people in Japan will need to collaborate with other people from around the world. Otherwise we won't be able to sustain ourselves standing alone. So we have to work together with people in Asia and we have to better the world over in society and as well as our company. So that is the basis for our discussion. As you see, there are four elements of this Future Creation Strategy: patients, global environment, society and governance. So this strategy will be the foundation for the management and we would like to continue to contribute to the patients and their family. And based upon this foundation. We would like to enhance our corporate governance and also the contribution to the resolution of the social issues including global environment conservation. We would like to work on these issues in the medium- to long-term perspective and regarding penetration of this into the employees. We would like to utilize the existing platform, and we would like to have all the employees feel like they own this Future Creation Strategy by taking the measures in next year onward. Thank you very much. Due to time limitation, we would like to take one final question. Koguchi-san from Sumitomo Mitsui Trust Asset Management. Please, can you hear me? Yes. From Sumitomo Mitsui Trust Asset Management. I also have a related question on Future Creation Strategy. There is an asymmetry of information between the company and employees and efforts to address this was discussed by Akana-san and Naito-san. Is there an improvement? I believe that there has been some progress but as a challenge looking at the remaining challenges. Information regarding future is not clear. Clear future vision is necessary. These are the voices from the employees so about the future. Difficulty envisioning in the future might mean that difficulty increasing corporate value. That is my naive question. The current future creation process, according to this process, do you expect that this will be improved? Is that why you're emphasizing Future Creation Strategy? So the future vision that is not clear to employees and the efforts that you're engaged in, how are these two related? Mr. Naito will respond. Thank you, and I hope that my colleagues will add to what I have to say about the future vision. Kincentric. Regarding Kincentric, we had conducted a survey. And received sober results. As Mr. Koguchi mentioned, about the future. And the definition of the future may differ from one person to another. And also for future vision. In EMEA, it is also a question of the lack of clarity of the vision. But at the deeper level, there is also business condition that is affecting the survey results. So of course regarding vision, including the measures that we've presented today, we would like to communicate more to our employees and at the same time business sustainability. The sustainability of the business. The two are necessary to address the anxiety. Fundamentally. On the other hand, Japanese pharmaceutical companies in comparison to global Big Pharma. Relatively speaking, are difficult to predict. It is not that we have hundreds of clinical trials underway in case of Japanese pharmaceutical companies, so it is difficult to show complete stability. But one of the outcomes that we can show here is as Naito-san m entioned and as I also mentioned, constantly we are launching products, including in-house developed products and licensed-in products. And I think constant launch is important. So. Vision. We will continue to make efforts to clarify vision. But what about the latest performance? The business sustainability should also be shown to our employees. I think both are very important to achieve these two. I'm sorry, what I'm telling you is quite boring, but I think we have to focus on these two. Thank you very much. Keisuke-san with tenacity. I hope you will work on this. Thank you very much. Unfortunately, we have reached the time to close this session. We'd like to close the FY 2025 opinion exchange meeting on Value Creation Report and ESG. Before you leave the Zoom platform, you will see the screen asking you to cooperate on the survey. So if you have time, please cooperate in filling the survey form. Thank you very much once again for your participation.