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We plan to more actively make use of M&A to accelerate business growth, move forward with the establishment of our Three Regional Headquarters management system, and become the company envisioned under Phase IV of the Excellent Global Corporation Plan.

The criteria we will use to decide on M&A candidates will be based mainly on technologies and know-how.

With regard to the acquisition of technologies that we do not already possess, it is important these technologies are compatible with the Company's own technology. The acquisition of Océ is a good example of this thinking.

In addition to technology, another important criterion for M&A is whether a company has solid management.