Tightening of Regulations Governing Direct Marketing

「In particular, the direct marketing business is subject to regulations under various laws and regulations, including the Pharmaceuticals and Medical Devices Act (Act on Securing Quality, Efficacy and Safety of Products Including Pharmaceuticals and Medical Devices), as well as guidelines and other guidance issued by the relevant regulatory authorities. If regulations are strengthened through the enactment or revision of these laws and regulations or the introduction of new guidelines, this may affect the Group’s business results and future business development.」