Now we will begin the KDDI Corporation FY 2026 March term financial results briefing. I am Hiraoka from the KDDI's Public Relations Department, and I will serve as today's moderator. Today's briefing is being held both on-site and through multiple online streaming platforms, including YouTube. Today's financial materials and related documents are available on KDDI websites. A total of eight materials are posted on the web. If you are in the conference room, please check your handouts. Let me introduce today's speakers. President, Representative Director, CEO Hiromichi Matsuda. Senior Managing Executive Officer, Director, CFO, Executive Director, Corporate Sector, Nanae Saishoji. Managing Executive Officer, Director, CSO and CDO, Executive Director, Corporate Strategy Planning Division, Tomohiko Katsuki. Executive Officer, Executive Director, Corporate Management Division, Corporate Sector, Kenji Aketa. A total of four will be the speakers. Mr. Matsuda, please. Thank you very much for taking time out of your busy schedules to join us today at KDDI's earnings briefing. I will present our financial performance for the year ending March 2026, and the new medium-term management plan. First, the financial results for the year ending March 2026. On the financial results for the final year of the previous medium-term management strategy, we achieved growth in both revenue and profit, hitting mid-term EPS target through underlying performance driven by business growth. Operating revenue for the year ending March 2026 was JPY 6,071.9 billion, up 4.1 percentage points year-on-year. Our underlying performance in terms of operating income was JPY 1,164.3 billion, up 6 percentage points year-on-year, excluding the external outflow and cost of impairment for the contracts associated with the fictitious circular transactions we explained as part of our Q3 earnings at the end of March. Likewise, our net income attributed to the owner of the parent was JPY 756.7 billion, an increase of 13.6% year-on-year. The amount of net income required to attain our EPS target, which was set at 1.5 times our net income, 7.9%, our revenue 1.1%. I said, because the amount of net income required to attain our EPS target, which was set at 1.5 x the level of March 2019, is JPY 748 billion, we were able to achieve a net income well above that. Next, I will discuss our consolidated operating income and its factors for change. Starting from the left, mobile, the personal services segment base rose JPY 31.7 billion year-on-year. Excluding the impact of access charge, the increase was JPY 45 billion, a major growth due to our initiative to create a value. Finance and energy businesses as well as Lawson's equity method income combined increased JPY 17.4 billion. DX increased by JPY 28.6 billion, growing substantially in the second half. We controlled technology structural reform and impact of prior year's promotional expenses. In total, income grew by JPY 66.4 billion, with all the business domains maintaining solid performance. This slide is on a mobile structural transformation we have been focusing on for the past year. Structural transformation to shift towards focus on LTV and creation of value have succeeded, resulting in a strong growth in our mobile revenue. As shown on the left, mobile revenue in the personal services segment increased JPY 32.6 billion year-on-year. Excluding the impact of access charge, the increase was JPY 50 billion year-on-year, which was much greater than our initial forecast. Shown on the right is our value creation ahead of our competitors, which underpinned our success. KDDI was rated number one in Connected experience in terms of telecommunications quality for an unprecedented consecutive four years. Furthermore, au Style Direct, which is marking its first anniversary, exceeded 4 million connections, and the 5G Fast Lane is being used by approximately 2.5 million users on a cumulative basis. As a result, mobile ARPU was up JPY 100 year-on-year with a stable churn rate. The number of smartphone subscriptions was up 360,000 year-on-year, enabling us to achieve increase in both ARPU and the number of IDs. Next on financial business and DX, which are our areas of focus. By promoting the satellite growth strategy during the prior medium-term management strategy between March 2023 and March 2026, both financial business and DX achieved CAGR double-digit growth, steadily growing at 30.4% and 11.3% respectively. Next, I would like to explain our initiatives to strengthen the group governance system in light of the recent inappropriate incident we experienced. The initiatives at a high level are twofold. One is to develop mechanisms, and secondly, to build a mutual trust among the group companies, making both to function effectively and sustainably. First, in order to create an environment in which fraud is deterred and detected, we have completed a comprehensive review of governance across all the group companies. We are addressing the issues identified in the review so that they are remediated by June. Next, toward the year-end, we will invigorate actions to enhance the quality and quantity of our communication. Executive-level dialogues with group companies have been initiated to establish a relationship on an equal footing with them and to better understand their perspective. Additionally, to embed KDDI's philosophy as the common language by the end of the first half of this fiscal year, KDDI's top management is scheduled to visit 14 of our strategic subsidiaries in person. I myself have visited BIGLOBE and G-PLAN. 260 employees participated in the meeting I attended there. I had more than 10 instances of interactions with them during the Q&A session, discussing our hopes and expectations for the employees, the future of telecom business, mindset change, and so forth, with the majority of the views expressed being positive, reminding me of the importance of having a dialogue. By embracing the genuine opinions of the group company's employees and responding to them sincerely, we hope to enhance their trust in KDDI and improve their psychological safety. Because there is a possibility that simply trying to strengthen the control processes will only increase the burden and cause fatigue on the part of employees on the ground, we will try to alleviate the burden by leveraging AI and manage it creatively so as to make it positive. Let me talk about the organizational change we're implementing to make these initiatives more effective. As is on the left-hand side, although we put in place a framework 10 years ago when we had the DMX case to manage the subsidiaries across the group from a unified perspective, as reorganization repeatedly ensued to respond to changes in the environment, subsidiary management functions within the corporate department have come to be dispersed. This time, to correct this situation, we installed a division to advance governance in all the companies across the group and to integrate the departments in charge of finance, group governance, and risk management. This division will be head up by our CFO, Nanae Saishoji, who will double hat as CFO and head of governance division, enabling centralized management assessment and, as a result, effective control of financial and governance risk-related information. This division will also play the role of passing down the lessons learned from the inappropriate incident to the new employees and group companies. Next, as shown at the bottom, whereas before, only the investment management department was responsible for managing investee companies, we are newly setting up a 1.5 line function to engage in communication with the group companies and coordination with the Corporate Department. To clarify the roles and to drive change, this reorganization will be made effective on June 1st. Lastly, this is the review of the previous medium-term strategy. As is on the left, on the basis of our underlying performance, we have achieved the goal of increasing our EPS by 1.5 x the level of March 2019. On the right described in a summary of each business domain. With respect to telecom infrastructure, we discontinued 3G ahead of our peers in the industry and shifted our full focus to proactively rolling out 5G. We were able to build a best-in-class network. Other main businesses also made a strong progress, as you can see. In particular, inviting Lawson into a group as a partner brought us valuable customer touch points in the form of close to 15,000 Lawson stores, which serves as a foundation for us to create value. Generally, despite market changes in our business environment, including mobile tariff reduction, rising fuel prices, and political upheaval in Myanmar, we have realized sustainable growth and established a solid foundation for the next phase of growth. Regarding the telecom failure in 2022 and the recent inappropriate transactions, we will make vigorous company-wide efforts to prevent recurrence and to pass down the lessons so as not to allow the memory of these incidents to fade. I was tasked to see through the final year of the previous medium-term strategy, aiming to balance offense while running and cementing defense at the same time. As it turned out, I had to face a lapse in governance as it came to be exposed. I personally acutely felt that in such instances, 100 - 1 could be zero, as I often say internally. We will utilize this experience as an opportunity to learn a tough lesson and for the entire group to deepen unity and evolve into a resilient corporate group. Allow me to take this opportunity to ask for your continued support for KDDI going forward. Next. I will explain our new three-year medium-term management strategy that we have formulated. We named this strategy Power-to-Connect 2028 based on the power to connect which we value most. First, let me explain the overall strategy. Until now, in line with the each generation of mobile technology, we have refined our role as a social infrastructure provider centered on telecommunications while expanding our business. Since assuming the role of president last April, excuse me, I have focused first on strengthening our core telecommunication business by redesigning its value through a combination of communication quality, pricing, added value, and partnership. With a proactive first-mover mindset, we have created a value ahead of the others and strengthened our business foundation. Today, we stand at the entrance to an AI-native society. I defined this AI-native society as follows: First, it is a society where AI penetration drives efficiency and sophistication, expanding business growth and value creation. AI itself will rapidly become commoditized, making its differentiation increasingly difficult through AI alone. The key question is how companies will differentiate themselves once AI becomes commonplace. In other words, I believe competitive advantage in an AI-native society will depend on how effectively companies build value that is difficult for AI to replace. We believe that re-refining physical assets that are difficult for AI to replace, customer touchpoints, nationwide infrastructure, and human talent will be the winning strategy in this society. To achieve this, we advocate a value creation approach called fusion, which integrates different domains. Historically, many services that transformed lifestyle emerged through combinations with fields that were initially underestimated. Our concept of fusion is based on the same philosophy. At the center is Real-Tech Fusion, which reconnects the strength of the physical world with the technology in an increasing digital society. This is most directly linked to our future growth, transforming customer lifestyle and experiences through technology while creating new businesses differentiated by real-world value. On the left is infrastructure fusion. Servers and IT technologies that are fundamental to network constructions and network design increasingly requires AI integration. Thus, telecom infrastructure and the new AI infrastructure will be fused to realize the digital belt concept. Finally, toward the right, there is human resource fusion. We believe people are our most important assets, talent must continue evolving its skills in line with the times. We will cultivate the ambidextrous talent that combines existing strengths with new skills. The term fusion is inspired by nuclear fusion, where the greatest challenge in nuclear fusion is maintaining an ultra-high energy state all the time. Within that high energy state, co-collisions generate explosive energy. Therefore, what matters is not simple combination elements, but building a management foundation capable of sustaining a high energy environment. Stronger governance is a fundamental prerequisite, and therefore, we will use recent incidents as an opportunity to further reinforce our systems, and our nationwide scale and partnership capabilities are also indispensable to drive fusion forward. Let me explain each fusion initiatives. The first is infrastructure fusion, known as the digital belt vision. Infrastructure development takes time, so we are planning toward around 2040 and think about planning and designing with a long-term perspective. Going forward, what will matter is having AI nearby and the degree of that proximity. In addition to already constructed Sakai, Miyazaki, Tama, and Oyama, we are planning that all telecom centers and data centers are connected fully by optical network in new sites such as Kansai and Itami. As the space industry develops, communications between Earth and space will become increasingly important. As the first company in Japan to realize space communications, we will roll out our power of connectivity to outer space. Furthermore, we will strengthen our optical submarine cable infrastructure that supports high capacity and low latency communications. As AI increasingly demands faster responsiveness and real-time processing capabilities, we will leverage Japan's geographic advantage as a direct gateway connecting Asia and the U.S. while further expanding our submarine cable deployment, operation, and maintenance business. The digital belt vision aims to establish a nationwide low latency network and AI computing infrastructure spanning land, sea, and air. At the same time, by advancing operational efficiency improvements and ensuring the transfer of technical expertise, we will invest a total of JPY 1.2 trillion over the next three years and contribute to strengthening Japan's industrial competitiveness. The second fusion is about people, developing talents through skills integration. In this midterm strategy, we position growth of our group companies as a key driver of execution. We will establish career path and provide opportunities for experiences and advancement through assignments to group companies, overseas offices, and regional sites. We will also strengthening HR and compensation systems to support such approach. For instance, through skilled visualization of network engineering, we confirmed their strong adaptability to advanced technologies. By enabling employees to acquire new expertise through practical work, we were strengthening their ability to implement solutions in society. In AI fields, engineers will increasingly work on site with customers, rapidly deploying and implement solutions. Therefore, operational capability and communication skills will become essential. Through broader group, including KDDI iret, and security specialized LAC, we aim to cumulative approximately 3,000 AI engineers and 2,000 security engineers to be grown going forward. In sales as well, we will enhance customer engagement capabilities through nationwide scale, nationwide sales companies, be it Sonic Falcon for personal sales and be it KDDI Biz Edge for assisting SMEs for DX based on the belief that people are our greatest assets. We are promoting full-time employment and maintaining high sales quality. By combining strong field capabilities with AI-oriented thinking, we aim to become closer to customers and expand our fans in each region. The third is Real-Tech Fusion. In an AI-native society, we remain committed to delivering value starting from the customer. We will provide AI workforce capabilities that support corporate growth, including physical AI and physical intelligence. We will also provide AI lifestyle capabilities that transform daily life and experiences through lifestyle intelligence. By rapidly implementing these solutions in society together with partners, we will continue creating new value for customers. One leading initiative in providing AI workforce capabilities through drone-enabled digital twins of physical work site. To the right, we are also building environments that recreate our vast customer data within digital twin space to simulate customer preferences and responses with high precision. Few companies possesses this scale of data. We intend to move quickly in leveraging this scale. Through these initiatives, we will continue to evolve the value core to the future society that is difficult for AI to disrupt. Among one important component of that value is our brand. When KDDI was established in 2000, we expressed our determination and shape the future ourselves through the message of Designing the Future. Later, through Tomorrow, Together, we entered a new phase focused on co-creating the future. At the same time, after the pandemic accelerated the digital transformation, communications become deeply embedded in daily life and our AI emerged, while AI emerged as a major turning point. In this environment, we reconsidered what our brand value should represent. As such a discussion, it means supporting each customer's life and aspirations so they can shine in their own way, and it also means continuing to evolve the power of connect which we take pride in. We consolidated this promise to customers and our unwavering commitment into a single message. Please kindly watch this video. Hey, you guys. [Non-English content] Spark Your Journey. KDDI. Spark Your Journey. Spark is hibana in Japanese. It's the very thrill that arises deep within your heart the moment you encounter something that captivates you. Your journey, it is the irreplaceable journey through life that each and every one of our customers embarks upon. In the phrase Designing the Future, we use the term future. Tomorrow Together, we use the word tomorrow. This time we have evolved these concepts into the expression journey, which embodies a sense of time. This embodies a strong determination to walk alongside each customer's journey, their very life itself, to ignite the flame of their challenges they are taking on, and to be a source of support for them. To those taking the first step and to those diving into the unknown, KDDI will be the power that carries you forward. Spark Your Journey. With this brand message, we are committed to creating value for the next generation. Please look forward to our future developments. From this page onward, I will discuss how we're going to implement the Power-to-Connect 2028. As we mentioned in our Q2 earnings last year, the key themes of our mid-term management strategy are sustainable growth and quality improvement. On the left, in addition to maintaining growth in our core businesses led by telecommunications, we will continue to create new businesses. To that end, we will enhance infrastructure value by building a digital belt, promote growth in each business area through the full utilization of AI, create value through fusion, a method of cross-domain integration. These initiatives will be key to establishing our competitive advantage. The other key element, as shown on the right, is return-based capital allocation. While growth requires not only capital expenditures, but also growth investments, this will make awareness about capital efficiency even more critical. This is a crucial point. I will explain it in detail later. We aim to enhance corporate value by deepening our strength in sustainable growth and improving quality in an AI native society. Under the new mid-term management strategy to strengthen our commitment to growth, we are newly establishing segments and clarifying their roles. A Telecom Core segment, which is our core businesses, including telecom and infrastructure, the Business Growth segment, leading growth, and Personal Growth segment. All together, there are three segments that are set up. Telecom Core segment at the bottom will pursue continuous transformation toward achieving stable growth and lean profit structure to create sources of funding growth. The source of funding will be utilized to further brush up the core businesses, but will also be allocated to growth domains to accelerate growth. Further, a favorable cycle to enhance the engagement of customers in the telecom core segment to create synergies for growth will be built. These are the growth targets for the consolidated company in each segment aimed at achieving sustainable growth. In the new mid-term period, we aim for a 5% CAGR in consolidated operating profit, exceeding the figures of the previous mid-term management strategy driven by stable growth in the telecom core segment and double-digit CAGR growth in both the personal and business growth segments. The two growth segments will expand their scale with the goal of accounting for 1/3 of consolidated revenue. First, the telecom core segment. We aim to achieve stable growth in operating profit by further accelerating the growth of the mobile business, which shifted to a revenue growth trend during the previous mid-term period. We are to move away from competition in promotion to competition in terms of value. The key is to utilize AI to achieve both offense in strengthening marketing and defense in enhancing cost efficiency. Four. We will further accelerate our efforts to establish the services we have traditionally offered, such as financial services, energy, device repair and warranty, and services like Ponta Pass and Lawson as the foundation of our AI-powered lifecycle. Furthermore, in the global area, we will leverage the insights gained in Japan to expand our successful models overseas. This initiative aims to create new business models in the personal growth sector. In the financial sector, we will build a competitive advantage through the fusion of existing financial services, where we have pioneers in mobile finance since the early days of smartphones and pioneering Web3 financial services geared toward the area of financial tokenization. As a first step toward this goal, we will establish a new company collaboration with partners and begin offering a crypto asset wallet. In the center, Lawson will leverage its store network to expand sales channels with approximately 15,000 stores nationwide, a powerful customer touch point. Povo Giga Charge has been well received by younger generations. They are selling 9 x last year's level and accelerating the expansion of mobile accessories and other products are happening. We will build a model that drives growth for both companies. On the right, we will turn the arrival of the next generation of smartphones into a new opportunity. In the future, AI agents will be installed in all devices. When that happens, the degree of proximity between AI and devices within the digital belt will become extremely important. I personally believe devices will become even more fascinating, so we will try to leverage them as a huge opportunity. Business growth, we'll also define five areas to drive growth to aim for double-digit CAGR growth. In AI integration to provide integrated solutions encompassing telecommunications, cloud, and AI, KDDI ARENA was launched. What we used to call IoT in the previous mid-term strategy is renamed as Connected, and we will aim to achieve 80 million connections. With the smartphones combined, the number will rise to 130 million connections. AI BPO, Altius Link will leverage AI to enhance customer experience and drive business transformation. Data center as is on the right. We will respond to domestic and international demand for AI and traffic regarding data centers. As a pioneering provider, we will assertively capitalize on opportunities. We will apply our expertise in deploying connectivity data centers overseas built on years of experience to our domestic AI centers. We were able to set up this within a very short period of time as a result of our expertise and experience. Inference design capabilities will also be expanded overseas. To further strengthen our infrastructure foundation, we plan to invest JPY 300 billion over the next three years, both domestically and internationally. On the right, regarding cybersecurity, AI has given attackers a decisive advantage, making it critical to determine how we will respond to this. Another key point is the evaluation system, CSS, both domestically and internationally. Client will verify and evaluate security measures of business partners. In order to respond to this and capture business opportunity, LAC, with 700 engineers, KDDI will joint forces to advance these initiatives. I'd also like to touch upon our challenges in creating businesses. Smart Drone has become firmly established and is growing steadily and has become the top player in the drone market. When we first launched, we set a goal of JPY 10 billion in sales within three years. There's been some delay, but we're expecting to achieve this in year five. Recently, it's been used for remote control in response to bear sightings, and we expect to realize solutions to social issues within the next year. In the center, mobi, an on-demand transportation service with the slogan Quick Rides. I took the stage at the launch event and have a personal attachment to this business, but it is now moving forward. We will take over this business in July of this year as KDDI Smart Mobility leverage physical local touchpoints such as au Shops and Lawson stores to provide autonomous driving and mobility services. On the right, we are promoting exporting experiences, expanding solutions to Japan's challenges overseas, and targeting this as a business opportunity. For our first initiative, we plan to launch the povo success story as a sub-brand of Vietnam's telecommunications carrier, VNPT, with a service set to begin within the year. I will explain the capital allocation necessary to drive our growth. To improve our quality, we will maximize operating cash flow, and we will continue to leverage our traditional strength of efficient CapEx by utilizing CapEx to sales and controlling it at 12% or below. On the left, the basic free cash flow combined with the divestments and leverage will be utilized to generate funding. On the right, we will maintain stable dividend growth as a baseline while actively pursuing growth opportunities. Regarding share buybacks, we will respond flexibly, but we'll always evaluate them by comparing the returns against growth opportunities. We will execute disciplined capital allocation with a focus on capital efficiency. In our new medium-term management plan, we are committed to disciplined growth investment and the further refinement of our portfolio management in light of the recent inappropriate incident. We will conduct a thorough review of our investment decision-making process and post-merger integration procedures as well. We will also place greater emphasis on ensuring alignment with our corporate culture and working environment, as illustrated at the bottom left section. On this basis, we will actively consider investing approximately JPY 1 trillion over the next three years, primarily in growth-oriented sectors. Regarding post-investment evaluation, on the right, whilst we have carried out this work previously, we will update our approach to include subsidiaries and second-tier subsidiaries and continuously verify strategic rationality. Should strategic rationality diminish over time, we will consider divestment or withdrawal as a matter of policy. Under this policy, we have already proceeded with the sales of au kabucom Securities and Lifenet Life Insurance, as previously announced. We will do this type of exercise going forward as well. We have another announcement to make today. We have decided to commence discussions regarding a stock market listing for au Financial Holdings, which was driven the growth of our financial business. Our financial business has contributed to the development of mobile finance through the pioneering integration of telecommunications and finance and has been steady expansion in both business scale and performance. Taking into account the further growth of the au Financial Group and the public interest nature of the financial business, we intend to proceed with discussions and preparations with the view to public listing. The listing is subject to approval by the relevant authorities, and we will continue to assess our financial stability and further refine our growth strategy. KDDI intends to continue providing support as a major shareholder following the public listing and plans to utilize the au brand to expand collaboration with the KDDI Group. We will disclose details regarding the schedule and the future processes as appropriate, taking into account the future developments. Next, I will explain our dividend policy. In the fiscal year ending in March 2026, we have achieved our 24th consecutive year of dividend increases. Under the new midterm management strategy, we will remain committed to stable dividend increases in line with our business growth. We also intend to maintain a consolidated dividend payout ratio above 40% in an adjusted basis. Even when a temporality factors occurred, such as provisions related to Myanmar business in FY 2024 and the impairment of contract costs related to short-term cancellations last year, we kept the dividend at the level of forecast announced at the beginning of the fiscal year. By using adjusted profit as the basis, we will further clarify our commitment to stable dividends. We will explain later our thinking behind the FY 2027 dividend and the concept of adjusted profit later. Next, I will discuss strengthening capital-efficient management. In this midterm strategy, we will place strong emphasis on disciplined growth investment. We will strengthen divestment initiatives to generate JPY 1 trillion in investment capacity, while enhancing our investment pipeline and ability to identify attractive opportunities. In growth areas, we will pursue growth investment while keeping benchmark companies in mind. We aim to improve ROE over the medium to long term without allowing it to decline, even while making growth investment. We will also use ROIC spread as a formal indicator and work continuously to maintain and improve it. To support this, we have significantly revised management incentives and reflected them in the executive compensation. By incorporating ROE, ROIC spread, and the TSR relative to benchmarks, we aim to become a company that takes responsibility for delivering on its commitments. We plan to establish an IR day from this fiscal year and report on these policies and progress there. Let me summarize the midterm financial targets as I have discussed so far. On the left side shows the results of the previous midterm strategy. Under the new strategy, we will further enhance these strengths and achievements. In telecom core, we will maintain stable growth, while in five areas of personal growth and business growth, we aim to achieve double-digit growth and targeting overall operating income CAGR of 5%. We will continue controlling capital expenditure levels while pursuing growth investments of around JPY 1 trillion and reviewing our business portfolio. We will aim to maintain and improve ROE and ROIC spread. For shareholder returns, we will maintain a high payout ratio and stable dividend increases while conducting share buyback flexibly. Through these initiatives, we aim to achieve sustainable growth and further improve quality. Sustainability management serves as axis for implementing everything that I have explained so far. As shown on the left, we have changed the diagram sustainability management, but the essence remains unchanged. We will continue to focus on the six material issues shown on right and aim to create a virtuous cycle of corporate value enhancement through their resolution. I would also like to introduce KDDI's management framework. We position fusion as our growth structure in an AI-native society and will use it to open the path forward to sustainable growth. I will now explain the consolidated financial forecast for the first year of new midterm strategy ending in March 2027. I will first explain approach to adjusted profit. With IFRS 18 generally applicable from next fiscal year, we will proactively introduce and disclose adjusted profit as management-defined performance measures to visualize growth potential and maintain or improve capital efficiency. When excluding non-recurring expenses, we will confirm the approach with our auditor firm in advance and apply it in displaying. Based on this premise, we forecast revenue of JPY 6.41 trillion, up 5.6% year-on-year. We aim for adjusted operating income of JPY 1.21 trillion, up 5% year-on-year. We aim for adjusted net income of JPY 731 billion, up 2.7% year-on-year. Net income growth appears somewhat lower due in part to the impact of the defense tax increases. Regarding the shareholder returns, DPS for March 2027 will be JPY 84, up JPY 4.0 or 5.0% year-on-year. This demonstrates our commitment and confidence in stable dividend increases aligned with our business growth. We will conduct share buyback up to a total of JPY 300 billion, including a tender offer for share repurchases of up to JPY 250 billion. We have also resolved to cancel treasury shares exceeding 5% of total issued shares. We will steadily execute both business growth and capital allocation. These are the key points of consolidated operating income for March 2027. On the left, telecom core, mobile expected to continue growing significantly, contributing an increase of JPY 37.5 billion year-on-year, including the negative impact of JPY 9 billion from depreciation and other factors. Telecom core as a whole expected to increase JPY 28.5 billion, increasing year-on-year. Excuse me, JPY 28.5 billion year-on-year. Personal growth is expected to increase JPY 22.6 billion. Business growth is expected to increase JPY 14.1 billion. Other factors include impact of Rakuten roaming revenue. Overall, we aimed an increase of JPY 58.2 billion or 5% year-on-year. Finally, let me summarize midterm management strategy. This point I have explained so far as summarized here. We hope that you look forward to KDDI as it enters a new phase of growth. Thank you very much for your attention.