MEC decided to commission a sponsored research report in English to improve communication with overseas investors and promote better understanding of the Company. The research report was written by Nippon Investment Bespoke Research UK Ltd, an independent research boutique specialized in the Japanese equities based in London, UK, but does not carry any investment recommendation. The report is solely prepared based on publicly available information and explains our business model, the past earnings trend and guidance and medium/long-term management vision in a style and supports our investor relations activities to foreign investors.