Summary of
Financial Results Conference
for Fiscal 2021,
held on May 13, 2022

Asahi Kasei Corporation
Note: The forecasts and estimates mentioned inthis document are dependent on a variety ofassumptions and economic conditions. Plans andfigures depicting the future do not imply aguarantee of actual outcomes.
Reasonable efforts have been made to ensure theaccuracy of the transcription, but no representation
or guarantee is made with respect to the presenceof any errors or omissions.

Participants
Toshiyasu Horie
CFO
Motomichi Kishino
Senior General Manager, Corporate Accounting & FinanceYozo Sato
Senior Managing Executive
Takuya Takahashi
Senior General Manager, Planning & Coordination, Environmental Solutions SBU
Takahiro Onodera
General Manager, Separator Planning & Strategy, Environmental Solutions SBU
Nobuhiro Yamaguchi
Senior General Manager, Planning & Coordination, Mobility & Industrial SBU
Hiroyuki Igarashi
Senior General Manager, Planning & Coordination, Life Innovation SBU
Yuta Kume
General Manager, Accounting & Control Dept., Asahi Kasei Homes Corp.
Masato Kashiwagi
Senior General Manager, Corporate Planning & Coordination Div., Asahi Kasei Pharma Corp.
Tomoo Otsubo
General Manager, Investor Relations
Presentation
P. 2 Focus of FY 2021 results and FY 2021 forecast
Horie: FY 2021 results showed a significant increase in both sales and operating income compared to
FY 2020 due to recovery from the impact of COVID-19. On the other hand, operating income fell shortof the forecast announced in February 2022.
For FY 2022, we expect operating income to increase year-on-year due to a recovery in theautomotive interior materials business and firm performance in “GG10,” the growth driver businesses
designated in the new medium-term management plan (MTP), despite a decrease in operating income in
the basic materials and other businesses. However, we will closely monitor the impact of further
prolongation of the semiconductor shortages, the Russia-Ukraine situation, and the COVID-19 situationin China as risks. This year marks the start of the new MTP, and we will aggressively implement measuresto achieve the goals set in the MTP.
Regarding shareholder returns, the annual dividend for FY 2021 was 34 yen per share, resulting
in 41% payout ratio over the three-year period of the previous MTP, exceeding the target level of 30–40%.
The annual dividend for FY 2022 is forecasted to be 36 yen per share, but we will study additional returns
in consideration of operating performance and other factors.
P. 5 Financial results for FY 2021 (consolidated)
Net sales for FY 2021 were 2,461.3 billion yen, a new record high. Operating income was 202.6
billion yen, net income attributable to owners of the parent was 161.9 billion yen, EPS was 116.68 yen,and EPS before goodwill amortization was 137.14 yen.
P. 6 Results by segment (year-on-year)
I will explain the operating income of each segment in comparison to the previous year.

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As for Material, the graph shows the Basic Materials business in light blue and other businesses
in darker blue. The operating income of the Basic Materials business increased from 14.0 billion yen in
FY 2020 to 41.2 billion yen in FY 2021, mainly due to the inventory valuation gain resulting from risingpetrochemicals market prices and improved terms of trade for acrylonitrile, AN. Other businesses inMaterial also posted an increase due to higher shipments of engineering plastics and other products,
reflecting the recovery from the impact of COVID-19.
In Homes, despite decreased deliveries of the order-built homes, operating income increased due
to factors such as higher average unit prices resulting from the promotion of larger and higher value-added
homes, a rise in income from the North American operations due to fluctuations in lumber prices, and theeffect of consolidation of McDonald Jones Homes Pty Ltd in Australia.
The operating income of Health Care decreased due to a significant drop in shipments ofventilators, for which demand surged in FY 2020 due to COVID-19, but other businesses showed steady
growth.
P. 7 Results by segment (compared to forecast)
Operating income for each segment is explained here in comparison with the forecast announced
in February.
Material fell short of the forecast. The Basic Materials business performed well, but otherbusinesses were affected by a slower-than-expected recovery in automobile production due to theshortages of semiconductors and the Russia-Ukraine situation, which affected the automotive interiormaterials business and separator business among others.
Homes performed well and exceeded the forecast.
Health Care fell short of the forecast due to the supply chain disruption caused by the shortagesof semiconductors, etc., which affected parts procurement, production, and shipments of defibrillators in
the Critical Care business, as well as an increase in SG&A expenses in the pharmaceuticals business.
P. 8 Change in operating income composition compared to FY 2018
This slide shows the changes in the composition of operating income over the three-year periodof the previous MTP. In FY 2018, the year before the start of the previous MTP, the Basic Materials
business accounted for 25% of the group’s total income of 209.6 billion yen, at 53.1 billion yen, and theSpecialty Solutions business and the Health Care segment, which are positioned as high value-added
businesses, together accounted for 36%, at 74.8 billion yen.
In FY 2021, the final year of the previous MTP, the Basic Materials business decreased both invalue and percentage to 41.2 billion yen, or 20%. On the other hand, the Specialty Solutions business andthe Health Care segment together accounted for 45% of the total at 90.3 billion yen, indicating a structuralshift toward higher value-added businesses.
The CAGR of operating income before amortization of goodwill for the Specialty Solutions
business and the Health Care segment combined was 7% over the same period.
P. 9 Operating income increase/decrease
I will explain here the factors behind the increase or decrease in operating income from FY 2020
to FY 2021. The sales price difference was 137.0 billion yen positive, partly due to cost pass-through,while the feedstock cost difference was 130.4 billion yen negative, which offset each other, leaving a
positive balance and improved terms of trade in each segment. The sales volume difference was positive
27.2 billion yen, resulting in an operating income of 202.6 billion yen, together with other factors.
P. 13 Overseas sales
Overseas sales in FY 2021 totaled 1,184.4 billion yen, accounting for 48% of total sales. Asia
accounted for 21%, of which China accounted for less than 10%, the Americas 16%, Europe 6%, and otheroverseas 5%. Sales to Russia account for less than 1% of total sales, indicating that under the current
geopolitical changes, the impact from China and Russia is relatively minor for us.
P. 15 Extraordinary income and loss
This slide shows the extraordinary income and loss that affected the larger increase in net income
compared to operating income in FY 2021.
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Extraordinary income increased by 15.3 billion yen from the previous year. In addition to anincrease in gain on sales of investment securities due to the sale of strategic shareholdings, insuranceincome related to the fire at the semiconductor plant in Nobeoka was recorded. And upon the acquisitionof additional shares and consolidation of McDonald Jones in the Homes business, we recorded a valuation
gain on the 40% share in the same company, which we had already held, as the gain on step acquisitions.
Extraordinary losses decreased by 14.9 billion yen from the previous year. This was largely due
to the impact of the 22.3 billion yen loss related to the semiconductor plant fire recorded in the previous
year.
Overall extraordinary income/loss improved by 30.2 billion yen.
P. 17 Cash flows
Net cash provided by operating activities decreased by 70.4 billion yen from the previous year
due to an increase in working capital such as accounts receivable and inventories resulting from higher
feedstock prices.
Net cash used in investing activities increased by 63.3 billion yen from the previous year, mainly
due to increased expenditures for M&A.
As a result, free cash flow was a net outflow of 37.7 billion yen, a deterioration of 133.7 billion
yen from the previous year, but this was offset by increased cash flow from financing activities, including
debt financing.
Free cash flows after cash dividends paid are shown for reference, which resulted in cash outflow
of 84.9 billion yen, a significant deterioration from the previous year. We will approach FY 2022 with aview to improving cash flows as a major issue.
P. 19 FY 2022 operating performance forecast (consolidated)
For FY 2022, we project net sales of 2,731.0 billion yen, a record high following FY 2021;
operating income of 210.5 billion yen; net income of 164.5 billion yen; EPS of 118.58 yen; and EPS before
goodwill amortization of 139.63 yen. The assumptions for the forecast are exchange rates of 115 yen to
the dollar and 130 yen to the euro, and a domestic naphtha price of 70,000 yen per kiloliter.
Naphtha prices have soared due to the Russia-Ukraine situation, and are currently at a high levelof over 80,000 yen, but we intend to basically pass on the cost increase to sales prices.
The exchange rate assumptions also deviate significantly from the current situation. As areference, the exchange rate sensitivity in the FY 2022 forecast is estimated as follows: a depreciation of
1 yen against the U.S. dollar is expected to result in a 1.6 billion yen increase in operating income, and a
depreciation of 1 yen against the euro, a 0.4 billion yen increase.
While exchange rates are expected to be positive factors, there are negative factors such as adecrease in shipments due to a decline in automobile production caused by shortages of semiconductors
and supply chain disruptions, so we will closely monitor various risk factors.
P. 20 FY 2022 operating performance forecast (by segment)
Here I explain the operating income forecast for FY 2022 compared to FY 2021.
In Material, the basic materials business is expected to post lower operating income, mainly due
to worsening terms of trade for AN and inventory valuation loss for petrochemicals, but the operating
income of AN is within the range explained at the management briefing in April.
The figures in this graph for FY 2021 and earlier do not reflect the change in disclosure
categories from FY 2022, and the FY 2021 basic materials business includes the nylon intermediates
business, which recorded a high performance due to problems at competitors. This business is included in
the Mobility & Industrial business from FY 2022, and is expected to be a factor in a decrease in operating
income year-on-year.
Other businesses in Material are expected to grow steadily. We expect a recovery in theautomotive interior materials business due to the recovery of automobile production, increased shipmentsin the separator business, and growth in the digital solution products such as electronic devices andelectronic materials.
In Homes, operating income is expected to increase with steady growth.
In Health Care, operating income deteriorated slightly in Q4 of FY 2021, but is expected toincrease in FY 2022 due to expansion of Envarsus XR immunosuppressant by Veloxis Pharmaceuticals,3Inc. and the elimination of supply chain disruptions in the Critical Care business through H2 of the year.
P. 21 Revision of business categories
The change in disclosure categories from FY 2022 is shown here.
P. 23 Operating income forecast by business category
Let me add some explanations for the FY 2022 forecast for Material.
The Environmental Solutions business is expected to see a 6.6 billion yen decline in operating
income, with larger decrease in the basic materials business partially offset by an increase in otherbusinesses.
The Mobility & Industrial business is expected to see a 2.0 billion decline in operating income.
Although the nylon intermediates business will see a large decline from the high level of FY 2021, thiswill be partially offset by an increase in the engineering plastics and automotive interior materials
businesses.
P. 24 Changes in key indicators
The new MTP places emphasis on capital efficiency, and this slide shows historical ROIC andROE trends. ROIC and ROE in FY 2021 improved from the previous year to 6.6% and 10.3% respectively,
and we will continue to aim for further improvement in capital efficiency in FY 2022.
P. 25 Shareholder returns
Regarding shareholder returns, the annual dividend for FY 2021 was 34 yen per share, resulting
in a payout ratio of 41% for the three-year cumulative period of the previous MTP from FY 2019 to FY
2021. Under the new MTP, we intend to return 150 to 180 billion yen to shareholders over the three-year
period, and the annual dividend forecast for FY 2022 is 36 yen per share from the perspective of ensuring
a payout ratio of 30%. We however will consider further expansion of shareholder returns, including sharebuybacks, while keeping an eye on operating performance and other factors.
Question and Answer Session
Mr. Takato Watabe, Morgan Stanley MUFG Securities: I would like to ask you about the separator
business. Under the new disclosure, the Environmental Solutions business includes the basic materials
business, the membrane solutions business, and the synthetic rubber & elastomers business, in addition to
the separator business. If we subtract the disclosed operating income of the basic materials business fromthe operating income of the Environmental Solutions business and assume that the membrane solutions
business and the synthetic rubber & elastomers business are both reasonably profitable, the profitabilityof the separator business does not appear to be very high. Given that one of your competitors has recorded
impairment losses, how do you plan to improve profitability? Please elaborate on the current businesssituation, too.
Onodera: In the separator business, we will continue to work on expanding automotive applications inaddition to our existing strength in consumer electronics applications. We are currently working to reduce
fixed and proportional costs, centering on wet-process LIB separators, for which we have been increasing
production capacity, and we believe that we will be able to improve the profitability of the separator
business as a whole in the future.
Mr. Watabe: I would like to ask about the Critical Care business. The operating income level was quite
low for Q4 of FY 2021, and is also expected to decrease for FY 2022, year-on-year. I assume that this ispartly due to the impact of acquisitions, but please explain more about the situation.
Otsubo: In Q4 of FY 2021, sales remained flat and operating income declined compared to Q4 of FY
2020. The decline in operating income was due to lower shipments of ventilators, the impact ofconsolidation of Respicardia, Inc. and Itamar Medical Ltd., and depreciation of the yen. In the defibrillator
business, orders were strong as the demand was recovering in FY 2021 from the impact of COVID-19,
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but the shortages of semiconductors and supply chain disruptions had an impact on shipments, and net
sales were on par with the same period of the previous year. Sales of LifeVest wearable defibrillator werealso on a recovery track in FY 2021, but orders slowed down after the summer due to the resurgence of
COVID-19 in the U.S., resulting in sales on par with the same period of the previous year.
In FY 2022, we expect sales to increase as both defibrillators and LifeVest will expand, but
operating income is expected to remain flat compared to FY 2021 due to operating losses and PPA
amortization of the two acquired companies.
Mr. Mikiya Yamada, Mizuho Securities: I would like to ask about the pharmaceuticals business. The
growth rate of Envarsus XR slowed down in FY 2021 due to the impact of COVID-19, but how muchgrowth do you expect in FY 2022? Also, is the fact that abaloparatide, your competitor’s formulation, has
not yet been launched a factor behind the strong performance of Teribone osteoporosis drug? Can we
expect it to grow further due to synergistic effects with its competitor, romosozumab?
Otsubo: As shown on page 34 of the presentation material, the Envarsus XR sales for Q4 of FY 2021
were up 27% year-on-year, and for the full year of FY 2021, up 17% year-on-year. The drop in sales from
Q3 to Q4 was largely due to seasonal factors and is within our expectations. The number of new kidneytransplants declined from FY 2019 to FY 2020 due to the impact of COVID-19, but grew by about 8%
from FY 2020 to FY 2021, and we expect shipments to grow accordingly as the market continues to expand
steadily in FY 2022.
The share of Envarsus XR of the prescriptions for new kidney transplant patients is more than
35%, which is higher than initially expected at the time of acquisition. The share of the tacrolimus market
has also grown steadily, from about 5% at the time of acquisition to about 12% today. The business isprogressing steadily.
Kashiwagi: I will explain about Teribone. Our competitor’s abaloparatide was approved in February
2021, but has not yet been launched, and we are closely monitoring the situation. On the other hand, theautoinjector of Teribone is highly regarded for the fact that it can be self-administered at home without ahospital visit under the influence of COVID-19, and the frequency is twice a week. It continues expanding
and performing well including a shift from the conventional formulation.
Mr. Yamada: I think the competitiveness of autoinjectors is becoming clearer, but is it possible that thepresence of romosozumab contributes to increaseed prescriptions of Teribone?
Kashiwagi: Since romosozumab has a different action mechanism and is not a complete competitor, we
can’t measure the impact.
Mr. Yamada: I would like to ask about Homes. You explained that terms of trade were positive in FY
2021. Homes contracted in FY 2021 will be delivered and booked as sales in FY 2022, but with prices ofsteel and other materials rising so much, do you expect terms of trade to be positive as they were in FY
2021? Under the Accounting Standard for Revenue Recognition, which was adopted in FY 2021, the costdifference will be recognized at the time of delivery. How do you see the impact of this?
Kume: In FY 2022, as you have pointed out, soaring steel and material prices are expected to be a greater
cost-increasing factor than in FY 2021. However, in addition to internal efforts such as cost reduction
activities, we plan to secure profitability by further promoting larger and higher value-added homes,
aiming for increased operating income compared to FY 2021.
Mr. Yamada: In FY 2021, the orders are recovering with improvement in composition, so there is noneed to worry about profit pressure factors, including cost variance adjustments at the time of delivery inaccordance with the Accounting Standard for Revenue Recognition, is that correct?
Kume: Soaring material costs are a factor that will put pressure on profits, but we had factored in this tosome extent. However, we will continue to closely monitor the soaring raw materials prices.

5Mr. Yamada: Orders are recovering and we have high expectations.
Mr. Go Miyamoto, SMBC Nikko Securities: I would like to ask you about the Critical Care business,
which has fallen far short of the February forecast for FY 2021. You explained that this was due to the
procurement of parts, but what specific parts were in short supply? The forecast for FY 2022 is a 9.2%
increase in sales and a 0.6 billion yen decrease in income compared to FY 2021. To what extent do theacquisitions of Respicardia and Itamar affect the decrease in operating income? We would also like an
update on defibrillator market share trends.
Otsubo: The impact on parts procurement is mainly due to a shortage of semiconductors. ZOLL purchases
circuit boards with semiconductors, but is experiencing difficulties in procuring some of them. It is difficult
to predict when the situation will be resolved, but at least at the moment it is still affecting ZOLL, and weassume that the situation will improve over time from Q1 to Q2, and then to H1 of the year.
As for the impact of the two acquired companies on the FY 2022 forecast, Itamar’s operating
losses and PPA amortization are expected to total some billions of yen as a factor to decrease operating
income year-on-year. In regard to Respicardia, we recorded a gain on accounting treatments associatedwith acquisition of the company in FY 2021, but this will not occur in FY 2022.
Another factor is that in H1 of FY 2021, there was still a positive impact from increased
ventilator production in FY 2020 contributing to lower costs of other products, but this will no longer be
the case in FY 2022.
ZOLL’s market share for defibrillators is currently around 40% globally. The company has astrong position mainly in the U.S. and Europe, and recognizes that there is no significant change in thecompetitive situation.
Mr. Miyamoto: Please explain the FY 2022 forecast for Material by subsegment. For example, operating
income of the Life Innovation business is expected to increase by 2.6 billion yen year-on-year. Since it
includes various businesses including electronic devices and electronic materials, I would like to hear more
about it.
Takahashi: The Environmental Solutions business is expected to see a decrease in operating income in
FY 2022 year-on-year. The main factor is that the basic materials business will see a decrease of about 10
billion yen, mainly due to worsening terms of trade of AN and the inventory valuation losses on
petrochemical products. On the other hand, other businesses are expected to increase operating income byabout 4 billion yen in total, with the separator business, synthetic rubber and elastomers business, andmembrane solutions business all expected to perform well.
Yamaguchi: The Mobility & Industrial business is also expected to see a decrease in operating income
in FY 2022 year-on-year. This is because of the impact of a large decrease from the nylon intermediates
business, which was transferred from the basic materials business as a result of organizational changes,
due to inventory valuation losses, etc. Excluding this factor, the forecast is for an increase in operating
income. With the easing of the semiconductor shortages, we expect recovery in shipments and increased
operating income for automotive interior materials, which had been affected by automobile production
cutbacks centered on North America. In addition, the progress in pass-through of raw material price hikes
to sales prices will also contribute. However, uncertainties regarding the semiconductor shortage situation,
the impact of lockdowns in China, etc. are being closely monitored as risk factors.
Igarashi: The Life Innovation business is expected to see a year-on-year increase in operating income in
FY 2022. Despite soaring raw material prices and other cost increases, we expect expansion mainly inelectronic devices and electronic materials as the semiconductor market continues to be brisk.
Mr. Miyamoto: Regarding the AN price spread, please let us know the actual results for FY 2021 andassumptions for FY 2022.
Takahashi: For Q4 of FY 2021, the AN market price was 1,985 dollars/ton, the propylene market pricewas 1,127 dollars/ton, and the spread was 858 dollars/ton. Due to the rise in the propylene price, the spread6

was slightly worse than the February forecast assumption of 950 dollars/ton for H1 of FY 2021.
For FY 2022 assumption, the AN market price is 1,900 dollars/ton in H1, 2,000 dollars/ton in
H2, and 1,950 dollars/ton for the full year. The propylene market price is 1,150 dollars/ton in both H1 andH2. The spread is 750 dollars/ton in H1, 850 dollars/ton in H2, and 800 dollars/ton for the full year.
On the other hand, the market price of ammonia has risen considerably and is currently above
1,000 dollars/ton, but progress in adoption of formula-based pricing has considerably reduced the volatilityof the AN performance.
Mr. Miyamoto: Is it correct to understand that, including the impact of the sharp rise in the ammonia
price, the operating income decline in the basic materials business will be limited to about 10 billion yen?
Takahashi: That’s right.
Mr. Shigeki Okazaki, Nomura Securities: I would like to ask you about the Health Care businessmentioned on pages 33 and 34 of the presentation material. What are the factors behind the forecast of alarge increase in operating income in FY 2022? Is slight decrease in sales of Envarsus XR from Q3 to Q4
of FY 2021 due to seasonality? Please tell us about the sales outlook for FY 2022 of Envarsus XR, Teribone,and Plaquenil immunomodulator, as well as your view of the medical business.
Kashiwagi: In FY 2022, Asahi Kasei Pharma expects to expand sales of Teribone, Plaquenil, Kevzara
treatment for rheumatoid arthritis, etc. Sales of Teribone exceeded 38 billion yen in FY 2021, and we planto achieve its target of 40 billion yen in FY 2022. Plaquenil, which we have being selling since October
2021, will contribute for the full year in FY 2022 and is expected to one of factors to increase sales andoperating income.
Otsubo: The decline in Envarsus XR sales from Q3 to Q4 of FY 2021 was due to seasonal factors. In FY
2022, we expect the momentum of year-on-year growth in Q4 to continue.
Mr. Okazaki: May I take it that it will grow at an annual rate of 40–50%?
Otsubo: We do not expect to go that far, but we do expect double-digit percentage growth.
The medical business is also expected to post increased sales and operating income, with salesof Planova virus removal filter, which has been the growth driver for this business, expected to increasesteadily, and the acquired biosafety businesses expected to expand. Operating income is expected toincrease due to higher shipments of Planova, despite increased SG&A expenses in line with businessexpansion and higher costs associated with soaring raw material prices.
Mr. Okazaki: In regard with the Homes business, on page 31 of the presentation material, you forecast a
15% increase year-on-year in orders in the order-built homes in FY 2022. What is the response at thispoint? Also, on page 30, the forecast for FY 2022 by division shows an increase in sales in the “overseas,etc.” We assume that this is due to the effect of the new consolidation, but do you have any concerns about
the impact of rising interest rates in the U.S.? Please also tell us the background behind the slight decline
in operating income projected for this division.
Kume: The forecast for orders in the order-built homes for FY 2022 is approximately 440 billion yen,and the assumption is that average unit price will increase through further promotion of larger and higher
added-value homes for both unit homes and apartment buildings.
With regard to overseas operations, in FY 2021, the North American business saw a significant
increase in operating income due to lumber price fluctuations, while the Australian business saw asignificant increase in sales due to the consolidation of McDonald Jones. In FY 2022, the North Americanbusiness will see lower sales and operating income than in FY 2021, when sales were high. On the other
hand, the Australian business plans to increase both sales and operating income by ensuring that its
abundant order backlogs will translate into sales, although the construction period is expected to beextended due to the impact of the flooding in February and labor shortages. For the overseas business as awhole, operating income is expected to be roughly on par with FY 2021. As for interest rate hikes in the7

U.S., we expect housing demand to remain strong, as wages are expected to rise along with interest rate
hikes in this market.
Mr. Atsushi Ikeda, Goldman Sachs Japan: In the Specialty Solutions business of Material, operating
income dropped considerably from Q3 to Q4 of FY 2021. There may be seasonality in electronic devices
business, but was the separator business significantly affected by the impact of the automotive-related
semiconductor shortages? Also, how much do you expect shipments of LIB separators to grow in FY
2022?
Igarashi: From Q3 to Q4, the performance materials business was affected by the Chinese New Year andsoaring raw material prices, as well as a reaction to the concentration of shipments in Q3 of PIMEL
photosensitive polyimide, a semiconductor buffer coating.
Onodera: In the separator business, sales remained flat from Q3 to Q4, while operating income declined.
Sales of wet- and dry-process LIB separators and lead-acid battery separators remained flat, but operating
income declined due to the impact of higher raw material prices and logistics costs for dry-process LIB
separators and lead-acid battery separators. As for the wet-process LIB separators, Q4 was also affectedby price revisions as before.
Mr. Ikeda: Can you tell us the shipment volume index of LIB separators for H2 of FY 2021 and forecast
for FY 2022, please?
Onodera: As for the monthly shipment volume index based on the volume in Q1 of FY 2013 as 100, theresult for H2 of FY 2021 was 390. For FY 2022, shipment of LIB separators is expected to grow by about
30% year-on-year.
Mr. Ikeda: Regarding the Critical Care business, how much do you see the supply chain disruption
impact? What is your view for FY 2022, including the growth of LifeVest and defibrillators for
professional use?
Otsubo: It is difficult to determine the supply chain disruption impact as there are various factors behind
it such as semiconductor shortages, COVID-19, etc., so we cannot give a specific amount, but we expect,as the situation normalizes, sales of both LifeVest and other defibrillators to grow as expected.
Mr. Ikeda: Do you have an idea of the annual growth rate?
Otsubo: I don't have a specific figure to give you.
This concludes the briefing. Thank you for your participation.

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