Risk of reduced investment opportunities and competitiveness due to the entry of financial institutions and other entities

「Financial institutions, operating companies and foreign-affiliated companies have entered the market, and the Group's relative competitiveness may decline as competitors expand their investment activities, build superior portfolios, achieve high investment returns and offer lower-priced services.」

「The private equity investment industry has seen market entry by financial institutions, operating companies and foreign-affiliated companies with substantial financial resources. If these entrants aggressively expand their investment activities, the Group's business activities, operating results and financial position may be adversely affected, including through a reduction in investment opportunities for the independent Group.」