In the Eighth Medium-Term Plan, we are advancing capital cost and stock price-conscious management through ROIC management implementation, clarification of resource allocation, and initiatives to strengthen value-sharing with shareholders. ● Current Recognition of PBR and Key Management Indicators: PBR has shown a declining trend with a peak in FY19.3 and recently fell below 1.0×. ROE averaged approximately 4.9% for FY21.3-FY25.3, with ATO below one rotation, indicating a need to improve capital efficiency. While our theoretical shareholders' cost of capital is estimated at 4.5-5.5%, we recognize it as 6%. ● Specific Initiatives in the Eighth Medium-Term Plan: ① ROIC Management Implementation: From the Eighth Medium-Term Plan, we have adopted ROIC as a consolidated indicator consolidating ATO, ROS, and ROA, the best practice indicators among our "five management indicators." Recognizing our challenge of low capital efficiency, we decompose ROIC into "business ROIC" and "business capital ratio," targeting improved capital profitability across the Group by improving each indicator. While business ROIC improvement is limited due to continued investment in growth areas, we are targeting company-wide ROIC of 6.0% or higher by significantly improving business capital ratio through non-business capital reduction; FY25.3 company-wide ROIC was 4.5%. Additionally, in FY25.3, we advanced business capital ratio improvement based on the financial capital policy outlined in our plan, with business capital ratio improving to 83.7% (FY24.3 results: 80.0%). Status of policy shareholding reduction is described in this report under "[Principle 1-4]." Further, to ensure improved business ROIC in the Ninth Medium-Term Plan, we have begun initiatives as follows: 1) Recognizing our ROIC challenge lies in improving core business investment profitability, we are advancing issue extraction regarding main business existing equipment from perspectives of "marginal profit rate," "utilization rate," and "equipment efficiency" to examine effective asset utilization. 2) We reviewed new investment judgment standards to enable more rigorous investment profitability assessment and decision-making by visualizing investment impact on ROIC trends and raising hurdle rates. 3) We are promoting internal understanding and utilization, working toward ROIC tree decomposition-based management application at business company level. ② Resource Allocation Clarification: In the Eighth Medium-Term Plan, we planned ¥70 billion in total investment prioritizing capital deployment for growth acceleration through global value chain construction, with FY25.3 consolidated capital expenditure results of ¥15 billion. Additionally, we address capital efficiency improvement through further policy shareholding reduction and enhanced shareholder returns via share repurchases. For shareholder returns, from FY25.3 we set a new profit allocation policy of "total shareholder return ratio of 40% or higher, with stable annual dividend of ¥46 or higher," targeting 50% total shareholder return ratio in the Eighth Medium-Term Plan; FY25.3 achieved 84.4%. Note: While the Eighth Medium-Term Plan originally planned ¥15 billion in share repurchases over three years, we accelerated implementation with ¥6 billion in FY25.3 and ¥10 billion in FY26.3. ③ IR/SR Activities and Enhanced Value-Sharing with Shareholders: IR/SR activities are described in this report under "[Principle 5-1], [Supplementary Principle 5-1 (1)]." To enhance value-sharing with shareholders, as described in this report under "II. 1. [Incentive Relations] and [Executive Compensation Relations]," we introduced advance-granted restricted stock awards and performance-linked restricted stock awards in executive compensation systems, adding non-financial indicators to medium-term incentive determination criteria to further strengthen value-sharing with shareholders. Additionally, to promote employee ownership, we introduced a trust-type employee stock incentive plan as an expansion measure for employee stock ownership associations. Specific financial capital policy targets and implementation plans are published on our website "Eighth Medium-Term Plan Briefing Materials (PDF)" at pages 38-48: https://housefoods-group.com/ir/ir_library/pdf/medium_term_08.pdf FY25.3 implementation progress is published on our website "FY25.3 Financial Results Briefing Materials (PDF)" at pages 18-19: https://housefoods-group.com/ir/ir_library/explanation/pdf/250508kessansetsumei.pdf