To enhance corporate value, we believe it is important to communicate a roadmap for achieving stable long-term cash flow growth and improved capital efficiency, which incorporates a shift to electrification, and for Honda’s future potential to be common knowledge in the capital markets.

Toward this end, our management executives take the initiative in engaging in more active dialogues than ever before through events and individual meetings, so that shareholders, investors, and other stakeholders can fully comprehend and evaluate our management direction.

Through such dialogues, management executives directly grasp what the capital markets are looking for as well as what they are interested in. This valuable feedback from our stakeholders is utilized in management to further improve corporate value.

Our CEO and management executives actively engaged in dialogues with investors, securities analysts and other stakeholders during Q&A sessions following announcements of long-term strategies related to automobile electrification, motorcycle operations, hydrogen business development and other topics.

At quarterly financial results briefings, the Vice President/CFO not only discussed the most recent financial results with securities analysts, but also the Company's approach to improving capital efficiency, including shareholder returns.

Honda hosted a briefing for individual investors focusing on our business strategy.

In addition to management executives, the IR department proactively engages in dialogues with predominantly value and growth-oriented investors and securities analysts.

Under the supervision of the CFO, the IR department, which consists of members with diverse backgrounds ranging from accounting and finance to purchasing and sales, participates in constructive dialogues with investors and securities analysts. The IR department also handles the exercising of voting rights and ESG-related dialogues.

Through dialogue with our stakeholders, we gain an understanding of their interests and concerns and use this information as valuable feedback within the company to formulate management strategies.

Opinions and other feedback from investors and securities analysts are shared among management executives and internal stakeholders in a timely manner as a reference for formulating corporate management strategies to improve our corporate value.