[Interpreted] I’m Ikeda. I will first like to explain.

The first 2 slides is 80-year history of our company. First of all, as you can see on the slide, HOYA Group was established in 1941 starting from optical lens business and glass business, and it has been split into different businesses.

And we now have HOYA’s today and some businesses have been split and replaced in 2007. Our endoscope business has been acquired by M&A on a non-continuous basis.

Next Page, please. And the driving force behind this growth.

In market selection, we would like to select and gauge niche markets where the company’s strength can be utilized. The technology products are based on balances between product-out and market-in.

Manufacturing is based on know-how to mass produce at low cost. Tune manufacturing processes optimized for HOYA product.

And sales – consulting-type sales and marketing, providing customer feedback to product development and improvement. So, we always have differentiation in mind when we provide value to our customers and that is the driving force behind our growth.

Next page, please. This is the mission of HOYA.

For every lifestyle, we have eye and health solutions for each lifestyle – life stage. And information technology is essential for modern socio-economic activities by raising quality of life of people around the world through the provision of solutions that support our mission.

That is HOYA’s mission. We have 3 perspectives.

One, to support vision, and we have glasses, contact lenses as well as intraocular lenses. These are the products [as for functions] [ph], myopia management glasses for children, et cetera.

And next, as for supporting health from that perspective, as for our product, we have endoscopes, artificial bones, surgical instruments and pharmaceutical fillers. These are the group of products that we have.

And third is, supporting information society. We have masks and blanks for semiconductors, HDD substrates for data centers and photomasks for displays and lenses for in-vehicle cameras, et cetera.

And through these products, we would like to solve social issues. Next slide please.

This is the HOYA’s vision. Innovating for a better tomorrow is HOYA’s vision for better tomorrow, we would like to call us innovation, as I mentioned earlier.

Last year, we celebrated our 80th anniversary. But towards the 100th anniversary, we would like to toward the century of its founding over the next 2 decades, constantly pursue the creation and innovation of markets with enthusiasm in order to improve the quality of life of diverse people around the world and bring about a better tomorrow.

So as we move towards that direction, we do have some management challenges, which are meant I would like to talk about. There are 2 points.

First is shown on the slide, to develop future growth businesses. For the group sustainable growth, we need to build a business portfolio.

As of today, some of the businesses are serving as a growth driver driving the business of the group. We need to develop new businesses that will drive growth in the coming 10 years and 20 years, which we believe is the management challenge.

And for the purpose of developing such new businesses, we need to select the market and the market selection criteria will be to – that it fits the HOYA’s vision and mission. And I did explain the structure of our business.

It shouldn’t be something that is completely different from existing areas. We would like to make sure that the market should be close to our existing areas, so that we can utilize the technology capability that we have.

We have to choose the market that does not have too many players and also are not overly exposed to price competition. And we need to make sure that we select the market that would become profitable, and which actually fits to what I just explained.

And that is something that we would like to continue with. Next page, please.

And the second is management challenge for us, is strengthening of ESG. And we do have a timeline, simple timeline on the slide.

In 1995, we introduced outside the director system; and into 2003, we transitioned to company with committees; and in 2008, outside directors became majority of BOD. And we are quite ahead of other Japanese companies we implemented all these systems and we have been working to strengthen our corporate governance system.

However, on the other hand, in terms of E and S aspect, in 2019, we have established ESG committee trying to improve our ESG disclosure; and in 2021 last year, we identified ESG materiality. So we have already started our activities but compared to our governance structure, we wouldn’t say that we are ahead of other Japanese companies.

And the 2 aspects need to be strengthened, which we believe is a major management challenge. Next page, please.

New leadership team from the 1st of March 2022, the 2 management challenges developing growth businesses and strengthening ESG, we have Chief Business Development Officer and Chief Sustainability Officer have been added to the new leadership team. And as you can see in the photographs on the slide, Augustine Yee has been assigned a Chief Business Development Officer; and we have a new member in the top leadership, Tomoko Nakagawa, who is to take the Office of Chief Sustainability Officer, so that they will be working to promote to solve the challenges that we are facing today.

Next slide, please. And the first business challenge which is strengthening a business development approach would be – the first approach would be to develop from existing businesses just to share with you with recent experience, HDD substrates developing from 2.5-inche to 3.5-inch for data centers and for semiconductors mask blanks would transition from DUV to EUV.

And we are started development of mask blanks that will be compatible with EUV has – we have started development earlier than others. And even in HOYA, we would like to combine different product development capabilities of existing businesses, we would like to establish in R&D structure that would go across different businesses that which would be something that would come from eternal.

The other approach would be M&A. For the past 10 years most of the mergers and acquisitions have been predominantly conducted in Life Care, most of them being bolt-ons.

And we would like to broader the scope of M&A to cover not only health care businesses, but rather the areas of high-tech areas semiconductor related businesses. So, we would like to cover wider area and by having a broader scope, we would like to capture growth factors as early as possible.

Next slide, please. The second challenge is strengthening of ESG.

Nakagawa, who is also online, will like to explain. Nakagawa, over to you please.

[Interpreted] From the March 1, I became the executive officer in charge of sustainability. I am Chief Sustainability Officer.

My name is Nakagawa, very nice to meet you. In the past, I was involved in the job related to governance such as serving as an [External Secretary] [ph] of BOD.

And we would like to – I would like to promote our activities related to E and S as well going forward. And as shown on the slide, in the Board of Directors meeting that was held today our sustainability policy was resolved.

This is based on our management philosophy, so we have identified various items that we believe is extremely important for the company to us to survive from mid- to long-term. We will contribute to solving global social issues through business innovations, we will have dialogue with the stakeholders, we will have reduced environmental impact and we will respect human rights.

And also we would like to strive to create an environment in which a diverse range of human resource can thrive. And, of course, different resources out there, human resources and natural resources and also using the funds from the shareholders we need to manage our company run our business.

So including the environment, we need to be accepted by all of the stakeholders. So that we can provide products and services that is demanded by the market.

We would like to engage ourselves in our business activities based on the sustainability policy. With regards to sustainability, of course, this is something you need to continue to do.

And in this slide, our activity plans for the first half has shown. So we have about 10 different types of different businesses.

And in each of the business, there are some slight differences, however, a CO2 reduction, recycling of water, waste recycling, we have been through all of the business dealing with environment, but we have to turnaround [ph] service in ESG dedicated department. So the department in each members or groups within that are dedicated to ESG will be established within each division and with those people the ESG promotion dedicated department, who will collaborate together and KPI will be established, and the whole year as a whole will also, say, targets to be achieved.

As you can see our company is listed to the prime market. So, disclosure of TCFD is something that we are getting prepared for.

Every year around September, we create an integrated report. So, what we have been achieved by them it will be explained within the integrated report.

That is all for myself.

[Interpreted] Next slide, please. In the new management organization, there are things that we will change, the things that we will not change, as for business portfolio management.

In the past and going forward as a CEO of HOYA, or as the HOYA executive management, this is something that we will continue to work on. However, if we look into the contents so far, Life Care was the new [ph] segment and information was a cash cow that was how we divided the positions by segment in the past, however, going forward rather than deciding things on a segment basis, we will split each business in product independently This is the part that we will change.

And the second point is, for every business while there is a management system optimized for its business in order to generate the profitability or bottom line that we need to do, so we will continue on this. However, as I explained earlier, new product in new business needs to be created and in order for that a simple technology or work force or the assets that we have needs to be utilized fully.

So creating new business, we need to create a business development framework that transcends the boundaries of business that is the change that we will have to implement. And also as Ms.

Nakagawa explained, we will continue to have strong corporate governance and also at the same time E and S will be emphasized and promoted. That’s the change.

And what is very important? We will also have numbers in mind to rule – as a ruler, and there’ll be secure profit all the time and shareholder return policy, we will consider total return from dividends and share buybacks, so the last 2 will remain the same as we have continued in the past.

Next Page, please. This will be my last slide.

In the focal points in the midterm perspective, what are the current issues? This will help us to identify the key issues that we face today.

Income before income taxes, or ROE, in fiscal year 2021, we did achieve certain good numbers in 2021 that is how we evaluate ourselves, however, as for the market share of Life Care business and profitability of medical products. It’s not that we are not doing well, but we have not done good enough or was not good enough to meet the expectations.

So while focusing on increasing R&D and developing new businesses. Life Care market positioning and profitability of medical products is something that we would like to aim at improving going forward.

That is all for myself. Mr.

Hirooka, please. The floor is yours.

[Interpreted] Then I would like to give you the highlights of the results. One, annual basis of revenue and profit was record high.

We were able to hit a record high sales and profits. And secondly, to be honest, there were various impacts by COVID.

However, Life Care business basically did well remain firm – there may be some circles, but basically remained firm. And we were above 2020 on a solid basis.

And thirdly, information technology business as shown here, HDD is impacted by seasonality. This is something that we did explain in the previous meeting.

And there are some inventory adjustments that need to be made. But all-in-all, blanks continue to be very strong and lead the growth of the information technology business.

Lastly number four. Today, we announced our share buybacks and we also do plan, although, this is the plan basis to increase, planned increase dividends.

Next page, please. This is just the big picture.

On the fourth quarter, JPY169.6 billion plus 12% year-on-year and pre-tax profit JPY53.8 billion that’s plus 30% year-on-year. Quarterly profit was JPY40.1 billion that is plus 30% compared to the previous year.

And just for your reference, operating profit was JPY48.1 billion that is plus 11% from last year. As you can see down below, cost occurs in a constant currency basis revenue would have been plus 7% equally before tax plus 25% due to weaker yen, and so we have made adjustments.

And income before income taxes increased plus 8% [ph] compared to last year, and plus 11% for operating profits. So pre-tax profit was growing larger and the reason for that is the fourth quarter of last year JPY5.1 billion of impairment losses have been posted.

This year, it’s JPY900 million yen. So the payment loss is not that big.

So, difference between the 2 figures are the largest strength, however, so that was the reason for why we have larger pre-tax profit. And so, which chart – or increase and decrease from last year is explained in the transcend report that you may find at the website.

Next page, please. This is for Life Care business, revenue was JPY106.1 billion year-on-year growth of 11%.

Pre-tax profit of JPY19.5 billion, 32% increase year-on-year. Operating profit JPY19.8 billion, 4% increase against the previous year.

First of all impacted from the ForEx in terms of – in the constant currency basis revenue grew by 7%. So, again, because of the yen depreciation, in yen basis, we have seen big growth for the revenue.

And another point I would like to add is that the operating profit margin of 18.6% is not very high. So, this business, what we are targeting at is around 20% in terms of margin.

That I believe – we believe is a reasonable margin for us. And sometimes we are a bit higher than that.

However, considering the investment for future growth, we believe that 20% is the kind of target, is the kind of reasonable operating profit margin for us. But it’s written here at the bottom of the slide, there were some one-off expenses, which had negative impact on the operating profit margin.

So I will explain in details later on. But it’s not a structural issue, but it’s a one-off expense, so it’s not something that we’re concerned about.

And I did mention a few things here on the slide, but a relatively big customer in terms of accounts receivable, we did have some problems, so which means that we are not receiving payments from the customer. So accounting wise, we decided to post the allowance for doubtful accounts, because it’s we are coming towards the end, because we are – this is the year-end numbers.

We did do some proactive reviews of the balance sheet and we did some cleaning up of the balance sheet, and there was a result increase one-off expenses. And this is for IOL.

Products in IOL division, we are looking at or reviewing some of the products and in terms of the products, which we believe will not be profitable in the future we decided to terminate. So, for the product – such products, we did oppose some allowance for the product inventory.

So, again, we have seen increase in one-off expenditures as a result we have seen decline in operating profit margin. Next slide, please.

Here I would like to explain details of byproduct in terms of results. For our medical, our revenue was JPY27.9 billion increase of JPY3.1 billion against the previous year on Japanese yen basis.

On the right hand side, it says, year-on-year growth by 1% for endoscopes. This is for constant currency basis.

In terms of endoscopes 1% year-on-year growth. So supply chain issues remains in the semiconductors, we were not able to procure as we wanted and this situation continued.

In terms of demand. Demand is strong and we have been able to receive orders.

However, we haven’t been able to manufacture and deliver to our customers as we wanted. So compared to a year-ago, we have seen increase in revenue, but the supply chain issue still remains.

Now, intraocular lenses, IOLs, constant currency basis 12% increase year-on-year. So Europe and Asia, the revenue has been strong in those 2 regions, which drove our revenue growth.

We have been impacted by COVID-19 especially in the Japanese market. There are a number of – we have seen recovery, but the recovery is true is still slow, because of the quasi-lockdown issuance.

So, I think, which I believe, since the market is recovering, which I believe is going to be an upside going forward. But we did it’s going to be a gradual recovery.

We did not expect the number of surgeries to increase quite suddenly. Now, moving on to health care, the revenue was JPY78.2 billion.

For eyeglass lenses on constant currency basis 7% increase year-on-year, China is growing, Europe is also growing. Again, we have seen 7% growth year-on-year.

However, the COVID-19 impact still remains especially in Europe. Up until mid-February, things have been quite slow, but after that there has been a gradual recovery.

So, overall, we have seen positive numbers for revenue in Europe. And in the first quarter of this fiscal year, they may be some ups and downs as a result of the impact from COVID-19.

But we do believe that the market will show a steady growth. And lastly, for contact lenses compared to last year a 7% increase, again, even though we saw growth by 7% and COVID-impact was still remained.

Quasi-lockdown was applied for the full term, full quarter. So, therefore, contact lens use increased in autumn for temporary basis.

But in the fourth quarter, we have seen decline in contact lens use, however, quasi-lockdown has been lifted and we are seeing recovery in revenue in April. So COVID-19 impact there may be some ups and downs as a result of COVID-19, but compared to last year, there will be less restrictions we believe.

So, I do believe that we will see a steady growth in contact lenses. Next page, please.

In terms of information technology business, revenue was JPY62.3 billion, 14% increase year-on-year. Pre-tax profit of JPY30.5 billion, 13% increase year-on-year.

And the operating profit of JPY29.6, 17% increase year-on-year. And constant currency basis revenue increased by 8%.

Next page, please. This a byproduct details in terms of imaging JPY8.4 billion in revenue, a negative growth of 2% year-on-year.

This is in Japanese yen basis. 2% down in constant currency basis.

The imaging business, this is true for all of the information technology business, but imaging business has some seasonality’s every year, for second quarter, third quarter, we always see good performance and performance actually declines in the third quarter and fourth quarter. But in Q4 last year, things were performed quite well, because of the impact of COVID-19 in the first half the performance load and the rebound came in the second half.

And the Q3, the performance was good and the strong performance continues into the fourth quarter, which was true for the main products in the imaging. So we are comparing against that.

So, we – there is the reason why we have seen a decline on year-on-year basis. So our concern is the camera, electronic components it’s not really us, however, as it to the industry, we are seeing shortages in electronic components.

So therefore, there are some inventory adjustments that we need to watch carefully how things go to make sure that we maintain our profit that is something that we need to work on in this fiscal year. For electronic related products was JPY53.9 billion in revenue, we have seen significant growth year-on-year.

For masks and blanks, on constant currency basis 15% increase against the previous year, EUV is growing very well. There is a strong demand in the market and we have been able to meet the requirements of the customers and the demand will continue to grow in this fiscal years.

So we would like to gradually increase our production capacity so as to meet the demands in the market. Now, in terms of FPD, from Q4, we have started with the new product.

So we would like to capture the demand for high precision so that which we hope would result in increase in revenue and profit. And lastly for HDD substrate year-on-year on constant currency basis, a 5% increase.

3.5, as I mentioned earlier, there are some inventory adjustment, we are seeing some signs of inventory adjustment. So, issues related to Ukraine, China, and because of those, it seems as though that the customers are seeing things conservatively, so, therefore, we need to be a little bit cautious to make sure that we maintain or secure a profit.

But 3.5 is definitely going to be a growth driver for us. On the other hand, 2.5, for the past year, which was true for Q4.

It was rather an unusual year. For long-term trend, 2.5 is going to gradually decline, and I think, it was also the case for FY 2022.

However, because of the rebound from COVID-19, in 2021, we were above FY 2020 result for 2.5. So momentum is coming down for the Q4.

However, we have seen year-on-year increase, which was something that we had not expected. And for this point in FY 2022, as we expect a 2.5 is going to decline which will be covered by 3.5.

Next page. Here, I will not explain each line but as I mentioned earlier in the BOD that was held today, we decided on there was a resolution on the share buyback of JPY60 billion and this is only a plan.

However, year-end dividend will be increased by JPY20 per share. So that’s all from me.

[Interpreted] This is Yu Yoshida. I have questions of these businesses, the business environment the U.S.

surrounding. I would like to know about that and also this direction in the way of thinking of this year.

[Interpreted] I’m Ikeda. I would like to explain.

As you guys see the business environment as for EUV blanks, if I may just [ph] give you the internal environment. We are conducting capital investments for each of the process is on a phase basis in 2021 manufacturing capacity, production capacity vis-à-vis the 2021 production capacity.

We have invested in Japan and Singapore. The Singapore facilities capacity in 2023 will be doubled.

That is the scale of the capital investment in Japan, the capacity remain the same. Singapore’s capacity will be doubled.

That’s the size of our CapEx, based on – this is based on customer’s demand. And from 2024 onwards, we are having a discussion with customers on what direction we should head towards as for external environment.

I think you’re interested in what are the competitors that situation. Our customers, they want to buy from dual – they want to make dual procurement in [indiscernible].

Our supplying products to our customers I think that is the situation. Most recently, 2 nano-passes development will be redefined will be in the state of being certified.

So, I don’t think we are being compared for this technology by others if we are able to be qualified that we will be able to maintain the current status quo or environment. However, it’s also a powerful company and we would like to closely communicate with customers.

And so, we’d like to provide the quality and quantity that will satisfy customers which is related to our internal environment. And next for HDD.

As Mr. Hirooka explained, 3.15 is being weak, but the data center investment will be active on the mid-term perspective.

And as for products, currently, 9 substrates are used, but we’ll start to see 10 substrate models recently. So, 9 will become, 10 will drive meaning that we will be able to expect more quantity and then the 10 substrate model or customers will do not – are not really changing much.

But in the 11th model, if all drive manufacturers will have originally started development of the 11 substrate model. And for the 11 model, we are continuing to conduct the development activities with our customers.

So more multiple or increasing the number of substrates are the direction and we are working together with our customers for certification. It is very difficult to define the timing.

But, we – more and more, we believe that we have more opportunity to be adopted by our customers.

[Interpreted] Thank you very much. My next question is related to Life Care business.

Again, can you explain your thinking on each product for this fiscal year, we have seen temporary decline in the margin that fourth quarter and you said your target is to achieve 20% in operating profit margin. Can you explain your thoughts on your Life Care business, please?

[Interpreted] Okay. First of all for eyeglass lenses, eyeglass lens is the biggest business in Life Care.

So let me touch upon. As Hirooka mentioned earlier, now profitability target is around a 20%, which believe is a healthy level of margin.

If we control our OpEx will be able to improve our margin However, instead of going towards that direction, we will like making investments for future growth and based on that we are targeting at around 20%. In this fiscal year, in vision business profitability was low, which pushed down the overall operating profit margin of Life Care business.

But as explained earlier, this was a result of one-time or one-off expenses, so it’s not something structural, so there’s nothing to worry about. And the second largest revenue comes from a contact lens business, ICT business in Japan.

For contact lenses, in the past every year, we have opened new stores by about 20 every year that’s how we have grown the business, which was a pre-COVID situation. But with COVID-19, there’s been decline in the use of contact lenses and we changed our management so as to maintain our profitability.

And now that quasi-lockdown has been lifted and there will be increased use of contact lenses and we will be targeting revenue of pre-COVID and we are going towards that direction. But unlike in the past, as we did in the pre-COVID-19 opening new stores is not going to be the revenue driver for us, because there will be a shift to online purchases.

So, therefore, for us to grow in this business pre-COVID approach will not continue, however, we would like to have we’re going to expand our online business is going to be a challenge that we need to work on. And the third point is, PENTAX endoscope business or endoscopes.

So compared to last year, growth of 1%, however, as Hirooka was mentioned. We have a lot of backlog of – billions of backlog.

So for unable to manufacture, I will be able to increase our revenue. And the procurement components is something that we can, we don’t have much visibility on, which makes it very difficult for us to predict the future.

And in this fiscal year, a processor performance over other high end, new products in the high end will be launched in this fiscal year. And it did take us a lot of time.

A new type of endoscope, sales expansion is expected for this fiscal year. So what we would like to do is to sell new products for endoscope and that’s which I believe is going to be our focus.

Thank you very much.

[Interpreted] Thank you very much.

[Interpreted] I’m Damian Thong.

[Interpreted] Yes, I hear you.

[Interpreted] As for eyeglasses in Japan and overseas. Well, we have just intended [ph] to me, but what is the demand environment, both Japan and overseas.

Can you explain?

[Interpreted] As Hirooka mentioned earlier, in Japan, because what a quasi-lockdown did and, however, it’s – we haven’t seen a full recovery yet. It’s a slight decrease still or flat.

That is the situation here in Japan as well as overseas. Europe, Asia, these markets are doing pretty well, however, most reasonably, China so lockdown impact was a rather big, it’s not only Shanghai, maybe the impact may spread to other cities of China.

If that is the case, then we will be impacted. So it’s very difficult.

This may well be the total situation surrounding us. However, Asia is robust.

I think, China, Europe, okay. But as with China, as I mentioned, the lockdown impact is pretty big.

That is the situation.

[Interpreted] The level of decrease on a monthly basis, what is the level of the decrease? What are the numbers?

[Interpreted] We haven’t the numbers. The concrete impact is still unknown.

But it’s only Shanghai area so far. It’s not that we are not able to post those in the whole China that is not the situation that is not the case.

But maybe not only showing Shanghai, but Shanghai’s lockdowns impact is not as big as for example impacting us to have ourselves it’s not that big.

[Interpreted] What about Hong Kong? You have no issues in Hong Kong?

[Interpreted] In Hong Kong, in the fourth quarter, most of the time it was closed. But Hong Kong revenue declined, we have seen a quite significant amount of revenue decline, about 20%, I would say.

However, if we look at the Asia region as a whole, the portion of the Hong Kong is a very big. So if you just look at Hong Kong as a single market, there has been a negative impact, but we have been able to offset the decline in Hong Kong with other countries.

Eyeglasses, things are different from country to another, sometimes we can offset and others not. So overall, we have no concerns.

[Interpreted] Thank you.

[Interpreted] You said that the operating profit margin target is around 20%. And in China, even with the negative impact in the fourth quarter, will you be able to achieve the 20% in margin?

[Interpreted] In this fiscal year, it’s not like we are generating a lot of profit in China. I don’t think there will be a significant impact to overall business operating profit margin, of course, there is an impact.

However, the weight of China in the Vision Care business, I would say that Japan has a bigger – would have a bit of a bigger impact that would say compared to China. So my second point is, mask blanks, in the past few years up, EUV grown quite significantly making contributions to the profit.

DUV, however, is also growing, continues to grow ASML, for example. The exposure devices 375 increase to somewhere around 600.

So DUV, I believe, there’s a potential to grow in the future. Your DUV investment position, have you changed your thoughts on your investment in DUV business.

EUV’s 7-nano, 5-nano, 3-nano, 2-nano, as there is a transition, of course, in the mask set. DUV layer will be included.

So, not everything will be transitioned DUV is going to increase as well. However, in terms of exposure devices, there will be higher – will those devices will have higher functionality.

And the demand for masks set, when there is a demand. We deliver insights or the certification may happen for each layer if we cannot ship sets, they not only for that layer, but it may have ripple effects to EUV as well.

And that’s something that we would like to avoid. So basically, responding to the demands of the customers, we don’t just invest in EUV, we would like to continue to deliver DUV as well.

And in our dialogue or with a discussion – with our customers, it doesn’t mean that we need to make decisions as of today in terms of DUV. DUV may increase in the future, but it’s not like we will make major capital investments in that area and that technology.

But basically, we will not just focus on EUV there is a demand for DUV, and DUV is required by the customers, we would like to fulfill their demands.

[Interpreted] I have follow-up question. If you were to make investment, Japan or Singapore, which country – location wise, to which country will you invest in?

[Interpreted] It will be in Singapore. I think, it will be in Singapore.

I don’t know whether it will be in Singapore or any other places. But that’s my thought now.

[Interpreted] That is all for my question. Thank you very much.

[Interpreted] Thank you very much. Although, it is a very fascinating time, I would like to take one more question.

[Interpreted] Thank you very much. As for EUV, if you only look at the fourth quarter, how much did it grow in the fourth quarter alone about 20% – year-on-year 20%?

You say that you will be increasing capacity in 2020 through, but in 2022 how much capacity are you going to increase?

[Interpreted] It’s not that we will double in a certain part. It will be a gradual increase phase by phase.

It’s difficult to give you numbers. But at the end of 2023, it will be double the 2021 that will be situation in Singapore.

And other than that, please make some estimate.

[Interpreted] One more question which is a very ambiguous question. I’m very sorry.

Well, interest rate is on high on a global basis. Inflation is being accelerated?

Looking at your business over the next 12 months are there any business areas where you will be highly impacted by inflation or higher interest rates?

[Interpreted] Well, I think inflation, so interest rate is going up in order to reduce inflation. But if there is any impact from higher interest rate, I don’t think so.

When it comes down, then it will be an opportunity for M&A.

[Interpreted] And also, exchange rates, how much will decrease, as the yen accelerates, I think it’s an excessively going, but on the yen basis?

[Interpreted] It does look big, bigger than actual. So our concern is rather in place than either procurement or logistics, and labor costs as well.

In order to deal with them, we need to deal with the situation wherever we can transfer costs to price, we will do so and also deal with more high value added products. We work with mobility on a quarterly basis and promote this direction.

[Interpreted] Inquiries – do you see that inquiries from distributors are being reduced or any impact from inflation? So I think you had a very strong pool or inquiry from distributors.

But maybe the distributors are targeting their inventory level or do you feel that orders are being reduced a little bit?

[Interpreted] As I indicated – explained earlier, the 3.5 inch, we do see some inventory adjustments in cameras, because products cannot be manufactured. But there is no issue with our supply, but inquiry niche with other supply chain is being a bit sort of clogged.

I think, these two areas that we need to keep an eye on. Thank you very much.

[Interpreted] Thank you very much. With this, I’d like to conclude today’s briefing.

Thank you very much for joining us, despite your busy schedule. Thank you very much.