I am Kamezawa. Thank you for watching MUFG Investors Day presentation video. First of all, MUFG Group received an administrative action from JFSA for inappropriate handling of customer information and solicitation in MUFG Group's bank securities collaboration. We sincerely apologize to our stakeholders for the grave inconvenience and concerns this may have caused. We take this disciplinary action very seriously and will make group-wide efforts to prevent a recurrence, so that group collaboration is carried out in line with the original objective of realizing customer-oriented sales activities by utilizing MUFG's comprehensive strength while complying with various laws and regulations. Now, at MUFG Investors Day 2024, the heads of each business group will look back on the previous Medium-term Business Plan, or MTBP, and explain the business strategies of the three-year MTBP starting from this year. In the previous MTBP, earning power improved significantly through the growth strategy. We carried out structural reforms, including the completion of the sale of Union Bank, and delivered results in controlling costs and RWA. Net profits increased by more than JPY 700 billion over the three-year period, and ROE was 8.5%, well above the target. We are also working on corporate culture transformation, digital transformation, and other initiatives, and are feeling the positive effects of our corporate transformation. The current MTBP is positioned as three years to pursue and produce growth, with plans to grow net operating profits by JPY 500 billion and ROE by about 1% through our own business strategies and management efforts. Through our 7 growth strategies, we believe we can achieve unprecedented profit growth by further strengthening MUFG's unique business portfolio and capitalizing on growth in Japan and the global economy. In terms of PBR, we aim to be on par with the global top peers in the future. At the same time, contributing to the resolution of social issues is essential for sustainable economic growth. By accelerating our efforts to solve social issues and expanding business opportunities, we will synergistically increase our social and economic value. We will also accelerate our corporate transformation for future growth. We will move forward with our existing initiatives on corporate culture transformation while implementing business management with an emphasis on speed and strengthening the corporate infrastructure of our systems, including human resources and AI. Since the announcement of the MTBP, we have received a number of comments regarding our policy on selling our equity holdings, but changes are taking place in the entire Japanese society, and negotiations toward reduction are showing significant movements. We will consider raising the target in the future in accordance with the progress of our performance. Business group heads will explain their plans right after this. I would be pleased if you could understand the efforts of each business group in the three pillars of the current MTBP: seizing growth, connecting to the future, and transforming the company, and also feel the enthusiasm of the group heads for achieving the ROE target. Please take a look at the video till the end. I am Yamamoto, Group Head of Retail and Digital Business Group. Please turn to page four, Review of the Previous Medium-Term Business Plan. Net operating profit came to JPY 236 billion, and ROE was 8% in FY 2023, both exceeding the plan. In terms of non-financial achievements, the shift of customers to online transaction progressed, and the number of Mitsubishi UFJ IB service users has surpassed the 10 million mark, top among all the banks. Meanwhile, the external environment is undergoing significant changes. With the normalization of negative interest rate, the value of deposits improved and asset management is increasing, and competition is intensifying with dynamic changes in the business assumptions. Against this backdrop, while MUFG's number of individual deposit accounts and deposit balances, which are by far the highest among Japanese financial institutions, are major strengths in a world of interest rates, challenges such as attracting new customers, credit card strategies, and online security strategies have surfaced. I would like to explain what strategies we will adopt in the current MTBP to address these challenges. Please turn to page five for an overview of the current MTBP for the Retail and Digital Business Group. Under the slogan, "Committed to Supporting Our Customers' Lives," this business group aims to maximize the surface area of each customer's lifetime value, LTV, multiplied by the size of the customer base. MUFG has already established an overwhelming customer base of 57 million, and the factors for maximizing LTV while further expanding customer base are acquisition of new customers, retention rate, and cross-selling. On the right side of the page, in the previous Medium-term Business Plan, cost reductions were aggressively pursued, mainly through consolidation and closure of branches to achieve a robust business structure. Whereas in the current MTBP, investments will be aggressively made in system development and group-wide promotions to expand and strengthen the customer base. Therefore, therefore, in the current MTBP, expenses will increase in order to expand the LTV and customer base over the medium term, but this will be offset by deposit income, credit cards, and consumer finance, aiming for a higher ROE in FY 2026, compared to the ROE after deducting one-off factors in FY 2023. In the following pages, I will explain specific strategies. Page six is on the evolution of the customer experience we are aiming for. I will explain the evolution of the digital customer experience in two phases: phase one, which will be achieved by the end of FY 2024, and phase two, which will be achieved by the end of the current MTBP. In phase one, we will completely renew IB, linking it to the services of group companies for a seamless use. On the renovated home screen of IB, customers will be able to view the status of their transactions with the group companies, such as credit card usage and the market value of mutual funds, in addition to their deposit balances, and apply for QR payments and services. In the subsequent second phase, we will realize a comprehensive money-related proposal tailored to the life stages of each individual customers. To realize this platform, the so-called Money Advisory Platform, or MAP, we are co-developing with WealthNavi, the number one robo-advisor in Japan. Meanwhile, in the real face-to-face channel, we are opening new branches in commercial facilities and other locations where we can best meet customer needs based on the market situation and human flow in each area. Furthermore, with regard to the remote channels, we have expanded the number of online financial consultation booths to more than 450 nationwide, which offer free asset management consultation in commercial facilities, office buildings, and railway stations. Please turn to page 7, Strategy for Credit Cards and Strengthening Infrastructure with Utilization of Incentives. The upper section is an initiative to increase customers' LTV by involving credit cards, promoting set uses with MUFG's diverse products. For example, in June, we ran a campaign offering a cash refund of JPY 10,000 to customers who opened a deposit account or yen time deposit and a credit card as a set, and the credit card issuance ratio doubled during this period. Prior to this, a campaign offering a 19% refund on the credit card was launched in February, and new applications have increased significantly, 160% year-on-year. We will take this a step further and launch a new credit card reward boost program during FY 2024, where the more you use a variety of transactions together, the more you save. This program will be used as a lever, strongly encouraging the use of various services linked to IB at the core. In addition, as phase two, we will implement a group-wide loyalty program. We want to establish MUFG's lineup of services for individuals, united by the MAP and loyalty program I explained earlier as a new single brand. We will also steadily improve the product quality of the credit card itself, as described in the lower half of the slide. First, a new payment app will be released in conjunction with the phase one loyalty program, which will allow customers to easily use the reward points they have accumulated for payment. Furthermore, as phase two, we are developing a new payment service app that can be applied for via the app and used right away. The app will be integrated with external content, such as characters and animation from partner companies, with the aim of capturing the needs of fans of characters and animations and other content by offering a choice of app designs and unique benefits for content, thereby gaining a wider customer base on the long tail. Page 8 shows the online securities strategy. MUFG has positioned au Kabucom Securities as an important online securities company for the group and has strengthened cooperation with group companies, while WealthNavi has become a member of the group, enabling it to meet a wide range of new needs, such as discretionary investment. Furthermore, we are now considering incorporating Mitsubishi UFJ to the name of Kabucom as a symbol of deepening the integrated management of Kabucom and the MUFG entities. In addition to the release of installment for investment trust using a Mitsubishi UFJ credit card at Kabucom, the introduction of an auto sweep function between bank accounts and Kabucom brokerage accounts will seamlessly link services across the group. An integrated group collaboration campaign, including WealthNavi, will also enhance the appeal to the services. In addition, the collaboration with Morgan Stanley, which has entered a new phase under Alliance 2.0, will be advanced at Kabucom as well. For the first time in Japan, Kabucom will offer its Smart Order Routing, the world's most advanced algorithm-based stock order system to individual investors, providing them with a unique experience.... Furthermore, in phase two, through the map mentioned earlier, we aim to create a world where we can deliver optimal recommendations to each individual customer based on products and services other than asset management. Finally, on page nine is a strategy to acquire new customer base. The first is BaaS. MUFG has been working on BaaS since 2022, and now we are taking it one step further by releasing &Bank, a BaaS app that provides general financial functions such as deposits, foreign exchange, and various loans. We have discussed this with more than 100 companies so far, and have already signed MOUs with more than 10 companies, so that we can respond to the needs of a wide range of companies by providing flexibility in the functions to be incorporated and to the screen structure of the application. We are accelerating putting this into practice. Second is our approach to the workplace. We are promoting the MUFG at Work framework, which leverages MUFG's strengths, its overwhelming strong, large corporate customer base, to expand the transaction base with employees in the workplace. This will use the introduction of a stock compensation system as a hook to first acquire brokerage accounts, and then gradually expand transaction contacts to include asset management through online securities and face-to-face consultations. MUFG will continue to develop its customer base through strategies that utilize the strengths of MUFG, which are only possible with the bank's customer base and group's wide-ranging functions. Retail and Digital Business Group has made a major shift to a structure in which various strategies are promoted by working groups across business categories rather than by individual business category. With this new structure, we will accelerate our efforts to realize our vision. Thank you so much for your attention. I am Miyashita, Head of Commercial Banking and Wealth Management Business Group. Today, I would like to review the previous MTBP and explain the overall picture and key strategies of the current MTBP. Please look at the upper-left table. In the previous MTBP, we steadily reduced expenses while increasing revenues and achieved net operating profits of JPY 224.6 billion, expense ratio of 67%, and ROE of 8.5%, which were substantially higher than the MTBP target. As shown in the bottom-left step chart, in addition to base profits growth, such as deposit interest income, which captured the overseas interest hike, the development of combined corporate and wealth management business enabled growth in all related operations. Furthermore, the completion of cost structure reform led to a large expense reduction and significant ROE improvement. On the other hand, challenges remain, as shown in the lower right. In the area of business and asset succession, there is still much white space left and room for further business opportunity creation. We also need to further improve the profitability of our balance sheet and strengthen our corporate infrastructure in the front office area. Let me explain the framework of the current MTBP on the following pages. Next is the overview of the current MTBP. We will pursue four key strategies to realize our vision. In corporate business, we will improve our balance sheet profitability in a world where interest rates are positive, and in wealth management business, we will deepen and expand the scope of business utilizing Morgan Stanley's knowledge. In the area where corporate and wealth management overlap, we will speed up the provision of succession-related solutions, where needs are expanding, by strengthening our structure. In corporate infrastructure enhancement, we will aggressively work on increasing human resources and supporting sales through the use of DX. The major KPIs for each business are, as shown in the lower left, further improvement in lending spreads, an increase in the asset management stock balances and loan balances related to business succession, with the aim of achieving the financial targets for FY 2026, as shown in the upper right, NOP of JPY 250 billion, expense ratio of 64%, and 9% ROE. As shown in the lower right step chart, we aim to achieve 9% ROE through steady increase in gross profits by strengthening our corporate and wealth management businesses, in addition to yen deposit interest income, driven by the interest rate environment to offset the rising costs, mainly personnel costs. Next, let me explain the key strategies. First is corporate business. As set out in the company-wide MTBP, it is even more important to take initiatives in deposits and loans that capture changes in the interest rate environment. The deposit business needs to start from changing the awareness of the employees who engage in the business, so we've been working on various training programs since last year. Acquiring highly sticky operating accounts is our top priority, so we released a tool for the employees to visualize the customer's cash and commercial flows in a centralized manner. We are also making full use of the tool to capture the flow of customers' funds and accumulate deposits tied to commercial distribution. In terms of loans, we will accumulate high-margin loan portfolios, such as LBO loans and non-recourse loans for real estate, while strengthening pricing management to improve the margin of low profitability portfolios and improve lending spreads. The right side shows our strategy for corporate segment. In the large corporate strategy, we will approach mainly core customers by forming theme-based specialist teams to address capital strategy issues. For non-core customers, we will enhance the ability to grasp the actual situation and mobilize all MUFG services with the aim of making them our core customers in the future. In addition, MUFG will support startups by utilizing financial and non-financial functions as a whole MUFG to increase the corporate value of customers. We will set a KPI of tripling the market cap of startups supported by MUFG to JPY 20 trillion. We will continue to contribute to solving Japan's social issues of fostering industries and creating innovation. The second key strategy is wealth management business. In this business, we will pursue further deepening of transactions with customers we already have contact with, and the approach to untapped customers we have not contacted yet. To deepen our transactions, we will thoroughly implement advisory business model, continue to strengthen collaboration with securities, and implement cutting-edge wealth management services such as Asset Fee Plan, which enable flexible review of investment portfolios and tailor-made discretionary investment service to meet wide range of customer needs. The right side shows the infrastructure supporting the business. As shown in the upper right, we will learn know-how from Morgan Stanley and develop human resource to expand the number of professionals to approximately double the current level by FY 2026. In terms of digital utilization in the lower right, in addition to sales support through the use of information platforms, we will also strengthen non-face-to-face touch points, such as Wealth Canvas, which enables customers to simulate their own asset succession and the new deployment of online RMs in order to build a model to approach untapped customers. Next is to expand what we call the combined corporate and wealth management business. MUFG has provided a wide variety of functions by having both corporate and retail customers under a single business group, with corporate and wealth management businesses described earlier as the pillar. Specifically, business owners have both corporate and individual financial needs, and we have built our strength on providing specialized solutions from the three perspectives of ownership, business, and family. We will work towards our KPIs in this business, which are JPY 1 trillion in loan balance related to business succession and JPY 88 billion in net operating profits related to this business. On the right, in strengthening succession-related business, we will reinforce our professionals from both quantitative and qualitative aspects. In addition, in leveraging academia, in industry-academia collaboration, we have been enhancing our contacts with our owner families through seminars on capital strategy and other activities. In addition to strengthening our organization and customer contacts, we will increase and deepen our solutions to meet diverse needs, for example, by further developing our internal organization for loans to individuals. The last point is reinforcement of corporate infrastructure. Left side shows the strengthening of human capital. First, to strengthen quantity, we will raise human resources through functional reorganization of the head office from this year, despite severe macroeconomic personnel constraints, and allocate over 100 employees to the main strategic fields. In terms of quality, we will seek to vitalize and improve the quality of the front line through early promotion to branch managers unconstrained by precedents, promotion of elderly employees and women, and expansion of the training system. In transformation of corporate culture, in the upper right, we are aiming for autonomous branch management starting this year, with each branch autonomically preparing its own management policy, reflecting the market characteristics and self-reporting the financial targets to realize a system where strategies are implemented on-site with higher engagement and greater agility. This was a new initiative at the beginning of the year, and the officers in charge of the three regions and I divided the work and spent time to carefully listen to the management policies of the branch managers. As part of such branch management, we are also working to solve social issues in each region through social contribution activities called MUFG Soul. In terms of gender diversity, we will further promote the penetration of diversity, for example, by holding discussion meetings with role models, with experience in balancing work with child rearing. In terms of system infrastructure, lower right, we are deepening data utilization and working on the upgrade of CRM to support sales activities by providing recommendations to employees in charge and making internal coordination more seamless. Phase one will be released in April next year. As I explained through various measures, I believe that the environment is in place where we can deliver results in the domestic banking unit, in a world where interest rates are positive after a long struggle to improve profitability. We will continue to develop our business by paying sincere attention to the needs of customers in the mother market. That concludes my presentation. Thank you very much for your attention. I am Akita, Group Head of JCIB, Japanese Corporate and Investment Banking Business Group. I would like to review the previous MTBP and explain the management of the business group in the current MTBP. To begin, I would like to talk about the universal vision of JCIB, including my own thoughts on what we are aiming for. At the start of the current MTBP, JCIB set its universal vision as leading the growth of Japanese economy together with customers who are our partners. Our large corporate customers are responding to increasing complex social and management challenges, expanding their business domains and transforming their industrial structure. We aim to solve social issues and create new business opportunities for MUFG by demonstrating the comprehensive strengths of the group to meet the challenges of our customers and nurture new industries and businesses together. On the financial side, amid an expected decline in non-JPY deposit income, continuing from the previous MTBP, we will strengthen the BS of the business group by promoting pricing awareness reform and optimizing BS management in line with the changes in the interest rate environment. Furthermore, we will enhance our earning power by investing the RWA generated through reduction of equity holdings in highly profitable transactions created through value co-creation with customers. Through these initiatives, we aim to drive MUFG's growth as a business group that stably achieves double-digit ROE. I will now review the previous MTBP. Net operating profit in FY 2023 increased significantly due to efforts to improve profitability, an increase in non-JPY deposit income on the back of the US policy rate hike, as well as progress in risk-taking ventures. In addition, the ROE reached 12.5%, a significant increase of 7.5% on FY 2020, due to the control of the cost ratio and a significant reduction in equity holdings. Our achievements was establishment of an ROE-oriented business model, moving away from the gross margin-based approach of the past through progress in improving profitability by reforming pricing awareness, a reduction of equity holdings of more than JPY 500 billion, far exceeding the initial target, and increased risk-taking of the high profitability assets. We also took on new challenges for sustainable growth, such as customer engagement activities for green transition and building a foundation for co-creation by industries and businesses, also leveraging equity. On the other hand, as a challenge, we consider it essential to strengthen origination, creating new, highly profitable assets, in addition to further deepening our ROE management in order to achieve stable double-digit ROE. This is an overview of the current MTBP on page 21. In order to realize the universal view and the vision I referred to earlier in the current MTBP, we will further strengthen our BS with an eye to changes in the interest rate environment and strengthen our origination capabilities in the short, medium, and long term through the enhanced risk-taking and a value co-creation approach. In addition, as part of our corporate transformation efforts, we will develop human resources who embody the new organizational culture of the business group, leveraging AI and data infrastructure. During the current MTBP period, a decline in non-JPY deposit income is expected due to the fall in US policy rates, but we will counter this by creating highly profitable assets through strengthening our balance sheet and risk-taking, and expanding non-interest income from transaction banking and solutions. We will also explore business opportunities through co-creation of industries and businesses with customers and build a strong business model that can generate stable double-digit ROE over the medium to long term by supplying funds, including equity. Next, I will explain each strategy in detail. Please, proceed to the next page. First, strengthening of the balance sheet. In the previous MTBP, we formed our gross margin-focused structure and employee awareness and worked to improve spreads through ROE-conscious pricing. But in the current plan, we will deepen this and pursue strategic pricing centered on ensuring appropriate returns. In addition, with monetary policy expected to be reviewed domestically and internationally, we will control our BS management policy in accordance with market conditions and secure an appropriate spread. With regard to reduction of equity holdings, we will negotiate with high level of intensity with all counterparties and to gain agreements. We will make progress towards a sale target of JPY 350 billion as a bottom line for the current plan, and achieve a ratio of less than 20% of total assets by the end of the next MTBP. The current pace of agreed sales is far ahead of our initial expectations, and we will consider raising the target in line with this progress. Next is to strengthen origination through enhanced risk-taking. Continuing on from the previous MTBP, we aim to expand highly profitable transactions in the real estate and solutions businesses, using risk-taking as a lever. In real estate, since the previous plan, the aim has been to acquire both MUFG's stock and flow solutions in the real estate value chain, with risk-taking as a starting point. In the current plan, we will build a through-the-cycle business model that is unaffected by market cycles by being selective about the risks we take, even during market downturns, in view of the cyclical nature of the property market. To expand the highly profitable solutions business, we will continue to diversify and strengthen our origination capabilities. Most recently, the M&A Strategy Office was set up in April 2024 to strengthen the origination capability for small and medium-sized M&A. In collaboration with the sales division, the office will strive to generate quality M&A deals by providing high value-added information and proposals in response to customer needs from an early stage. Next is strengthening origination capabilities over the mid to long term through the value co-creation approach. Please turn to page 24. As customers work to expand their business domains in order to solve increasingly complex social issues, we accompany them in their challenges and work with them to nurture new industries and businesses together. Examples of domains that are not bound by existing sector boundaries include the space industry, from rocket launches to the utilization of satellite data, investment in the GX value chain, including hydrogen and storage batteries, which is said to be worth JPY 150 trillion, and industrial clusters infrastructure development centered on semiconductor plants. We have already started to approach our customers' business activities from a new perspective, using MUFG's comprehensive capabilities. In the current MTBP, we will further promote the development of industries and businesses in these new business domains, which will lead to the acquisition of new business opportunities for MUFG, thereby building a business foundation that will grow together with our customers over the medium to long term. Next, acceleration of corporate transformation, which is important to support the initiatives explained so far. Please turn to page 25. In order to realize our view of lead the growth and development of the Japanese economy together with customers who are our partners, it is essential for each and every employee to understand the structural changes in the world, to have a worldview of the future of our customer's industry, and it is essential to have passion, ownership, and professional standards in their own work. To foster such a culture, our human resource development efforts do not stop at conventional classroom training, but also include programs that polish each individual's ability to think practically, expand their networks, and get a feel of new experiences. In addition, we are proactively working on demonstrations in-house to create an environment in which employees can make full use of generative AI, data platform, et cetera, and we will foster and spread a new organizational culture through the use of media, video content, and other means. Last but not least, JCIB will continue to drive MUFG's growth in line with its universal vision of leading the growth and development of the Japanese economy together with customers who are our partners. Thank you very much for your attention. I am Itagaki, Head of Global Commercial Banking Business Group. Today, I will review the previous MTBP and explain the strategy for the current MTBP. First is a review of the previous MTBP. We initially struggled due to COVID-19, but thanks to the consolidation of foreign subsidiaries acquired by Krungsri and the strong performance of Bank Danamon's auto business, earnings grew significantly in the final year, and both net operating profits and net profits achieved the plan. Over the past 10 years, the corporate infrastructure of the partner banks was strengthened under MUFG, and ROE after amortization achieved the plan, improving from negative when we first invested to 7.5% in FY 2023. This achievement was driven by Krungsri and Bank Danamon, but also by the equity method affiliates, Vietin Bank and Security Bank, which have steadily increased their earnings over the past three years, demonstrating the balanced growth of GCB's business portfolio. In the previous MTBP, business platform enhancement of our partner banks, in other words, organic growth and M&A strategy pursued with MUFG, progressed steadily. In addition, we invested in two digital finance companies, laying the groundwork for our digital strategy in Asia, where the wave of digitalization is intense. We also have challenges. How do we manage and strategically utilize our growing number of subsidiaries and investees, in addition to our partner banks, as a business portfolio? How do we deepen our digital finance strategy? And where do we seek and develop new growth markets? The further we progress, the more challenges we face, but we are determined to open up the next stage by taking on further challenges. First, in the current MTBP, we set out two visions: to contribute to MUFG's overall profit by growing the existing portfolio, centering on partner banks, and to establish a digital finance platform. The key strategies to realize this are, firstly, to support each partner bank's growth strategies. MUFG has been deeply and consistently involved in the management of its partner banks in terms of both business and governance, and has built a conventional finance platform based on the relationship of trust. We will continue to support the winning strategies of each partner bank in respective countries in the current MTBP. Next is Asia and digital strategy. We will further promote investments in digital finance service providers, which we started in the previous MTBP, and aim to build a new digital finance platform. Furthermore, we will focus on India as a new fast-growing market and capture India's high growth by strengthening our business platform. The lower left chart shows the changes in our group's business portfolio. The current MTBP is positioned as a three-year period, where the conventional finance platform, centered on the partner banks, will drive growth while pursuing synergies with newly acquired companies and investees. We foresee a major transformation in the composition and balance of our portfolio in 10 years' time, as we step up strategic investments in growth areas such as digital and India. By achieving an optimal balance between existing and new businesses, and between conventional and digital finance platforms, we aim to build business platform and economic zone unique to MUFG, with both scale and growth potential. We will work to achieve ambitious financial targets, NOP of JPY 350 billion, an increase of JPY 95 billion vis-à-vis FY 2023, and ROE of 9% after amortization. Next, let me explain our key strategies of the current MTBP, starting from our partner bank strategy. In FY 2023, Krungsri achieved a significant year-on-year increase in both NOP and net profits due to increased loan balance and NIM, as well as the consolidation of its overseas subsidiaries. The trend remains unchanged in Q1 of FY 2024, with a year-on-year increase in NOP, while net profits decreased due to higher credit costs. Although credit costs have increased recently, partly due to an increase in foreign subsidiaries, NPL ratio remains lower than other banks. We will continue to focus on business growth while keeping a close eye on our credit portfolio management. While Thailand's domestic economy is maturing, we are taking steps to capture growth in neighboring countries ahead of our competitors, and the overseas business percentage of total gross profits is steadily increasing. In response, a new unit to manage foreign subsidiaries was established directly under the CEO to consolidate our resources, clarify authority, and manage overseas business in a controlled manner, both in growth and governance. Next is Bank Danamon. In FY 2023, both NOP and net profits increased year-on-year, thanks to a significant increase in loans and deposits, and the underlying profit growth trend is maintained in FY 2024. Bank Danamon continues to invest in the infrastructure and growth to resolve the past underinvestment, and is finally realizing the impact after COVID subsided. Driven by the corporate sector and Adira's auto loans, retail lending recovered, followed by SMEs, resulting in the top loan growth rate among Indonesia's top 10 banks for 2 consecutive years. Although credit costs have increased in line with asset growth, it still maintains a low NPL ratio and ample reserve ratio compared to its competitors. In addition, as a result of our M&A strategy in both conventional and digital finance, we are putting in place a business platform to capture growth. Going forward, we will deepen collaboration among the investees and enhance MUFG's presence. I will now explain the second key strategy, Asia and digital strategy. Under Asia and digital, we will accelerate our investments in the rapidly developing digital finance domain in Asia, aiming to become ASEAN's number one digital finance group in 10 years. The acquisition of Home Credit, which was carried out in the previous MTBP, and strategic investments in two digital finance companies, are both on track. In addition, our expertise and network in the digital domain have improved our ability to discover new investment deals and partners. MUFG's investment strategy is beginning to penetrate in Asia, and we are gaining recognition in the market as a unique strategic investor, leading to an increase in the number of deal proposals. Anticipating further increase in digital finance investees in the future, MUFG not only manages and supports them individually, but has also started to provide opportunities for them to horizontally connect with each other. By providing a place where MUFG, group companies, and investees can organically connect with each other, and by mutually utilizing the strength and ecosystem of each company, such as customer base and technology, we will enhance the added value of being a partner with MUFG. Let me introduce a recently announced investment deal on Asia and digital. Ascend Money is a core subsidiary of the largest Thai conglomerate, CP Group, operating a digital finance business. Backed by CP Group's huge ecosystem, which includes the largest convenience store and mobile carrier in the region, Ascend Money has broad and deep penetration in the Thai market under the brand name TrueMoney, and has grown to become Thailand's number one digital payment and lending business. Through this investment, we aim to capitalize on the growth of digital finance in Thailand. In the future, MUFG and CP Group will work together with Krungsri to share digital knowledge and collaborate on new businesses utilizing the infrastructure of both organizations.... Investing in and collaborating with digital finance service providers is not just about targeting economic value, but also about delivering financial services to a wider range of customers. MUFG will contribute to solving the social issue of financial inclusion in Asia, with a target of 14 million digital lending borrowers in FY 2026. Next is enhanced growth or mode, which categorizes the value that MUFG can provide to investees into four sources of access. MUFG provides access to the group companies, customer base, financial solutions, and ecosystems, supports the growth of investees from multiple angles, and focuses on increasing their value. We also provide physical opportunities for investees to connect, as shown in the middle, and share digital knowledge with entities, including MUFG's group companies in Japan. Last but not least is India strategy. India is expected to grow over the medium to long term against the demographic backdrop, but the key point is that the domestic demand will drive economic growth. Therefore, as we have experienced in ASEAN, the market for SMEs and retail customer lending is expected to grow significantly, and we will explore investment opportunities in both conventional and digital finance and link them to growth. Today, I spoke about how we will manage GCB Business Group's current MTBP based on our vision for the next 10 years. As trends change quickly in Asia, we will sharpen our on-the-ground senses, including our partner banks and digital investees, and also make investments with an eye to the future while focusing on achieving our current financial targets. We will connect Asia and commit to empowering a brighter future for Asia and commit to empowering a brighter future. Thank you very much for your kind attention. My name is Nakahama, Group Head of GCIB, Global Corporate and Investment Banking Business Group. I will review previous MTBP and provide an overview of the current MTBP. First of all, I will explain the assumptions used before going into the slides. The results of the previous MTBP are based on internal exchange rates for this period. In addition, the figures are before the recent refinement of ROE by business groups, that is, before reflecting additional costs, such as mid-to-long-term non-Japanese yen funding cost and headquarters costs. On the other hand, the explanation of the current plan, including comparisons with the final year of the previous plan, applies the internal exchange rates used in the current plan, and the figures reflect additional costs, such as mid-to-long-term non-Japanese yen funding cost and headquarters costs. With these in mind, I will now go into the slides, starting with a review of the previous MTBP. Net operating profit was up more than JPY 150 billion compared to FY 2020, approximately JPY 50 billion more than the plan. On the other hand, ROE was only 6%, an increase of three percentage points compared to FY 2020 and 1.5 percentage points below the plan. Three factors contributed to the increase in NOP. First, improved margins through BSO, or balance sheet optimization, and growth in institutional finance. Second, increased underwriting and sales fees in project finance. And third, growth in cross-selling of foreign exchange and derivatives through integrated operation with our Global Markets Business Group. As a result of the key KPIs on the right, the ratio of institutional portfolios and non-interest income achieved the plan. On the other hand, ROE was not achieved due to large credit costs incurred on individual case. And in addition, the wallet share of syndication and DCM remained a challenge. Based on the above, there are two challenges. The first is to further elevate competitiveness in the debt business, and the second is to strengthen risk management in line with the diversification of risk and return in the portfolio. To address these challenges, in the current MTBP, we will thoroughly enhance the competitiveness of our core business, that is, the debt business. We will also work to enhance the profitability of our platforms through global operations. With these two pillars, we will consolidate a structure that will enable us to achieve a stable double-digit ROE, and in the mid to long term, we will establish a world-leading position as a financial institution. Please see the KPIs, bottom left. Through integrated management with the Global Markets, we'll improve lending spread with replacement of the balance sheet and aim for 10th position in both IG and non-IG in the syndication and DCM wallet ranks. Through these efforts, we will further improve the combined ROE of GCIB and the Global Markets. Please see right, the financial targets for FY 2026. We are aiming for an NOP increase of JPY 95 billion in FY 2026 compared to FY 2023, and an ROE of 8%. Last year, I said on this occasion that we would aim for a double-digit ROE in the next MTBP. I would like to add that the current ROE target of 8% is equivalent to ROE of 12% on the basis of the previous MTBP, that is, before reflecting additional costs, such as mid-to-long-term non-JPY funding costs and headquarters costs. Next, I would like to explain the three main strategies. The first is to further optimize the profitability of the balance sheet. Please look at the left-hand side. This shows the results of the BSO to date. Top left, the median revenue per customer and ROE have steadily improved. Bottom left, low profitability assets have been reduced by approximately JPY 4 trillion over the past three years. On the other hand, as of the end of the previous year, approximately JPY 7 trillion were classified as low profitability. So we will continue to generate assets and invest them in areas where MUFG can demonstrate its value without losing discipline during the current plan. For specifics, please look at the right-hand side. Top right, project finance is expected to continue to see strong demand for funds. In particular, we expect further growth with revenue opportunities expanding from traditional assets, such as resources and infrastructure, to new areas such as semiconductors and digital infrastructure. The next step is to strengthen our ability to provide solutions through integrated GCIB and Global Markets operations, shown bottom right. We have recently established Global Structured Solutions, integrating structuring capabilities scattered across business divisions and business categories. By combining the knowledge of coverage, product offices, and distribution, and providing tailor-made debt solutions, Global Structured Solutions will respond to the diverse needs of investors and the ever-increasing sophistication of global clients' funding needs. The next step is expanding revenue opportunities by leveraging partnerships. On the left is a strengthening of our alliance with Morgan Stanley. There are two major directions in the current MTBP. The first is to strengthen our collaboration in Asia, where high economic growth is expected, in line with the strong collaboration established in the U.S. Specifically, MUFG's strong client base in Asia and Morgan Stanley's industry-leading investment banking capabilities will be utilized to expand capital-efficient transactions, particularly in event finance. The second is to expand the scope of collaboration in the U.S. In the previous MTBP, the scope of collaboration was expanded from the initial focus on IG to non-IG. In the current plan, we will focus on increasing deal flow while utilizing the strengths of both parties in our broad customer base, which ranges from medium-sized companies to large corporates. On the right, it shows blended finance initiatives through public-private partnerships. In the previous MTBP, we established a global number one position in the area of blended finance for climate change. In the current plan, we will also take on the challenge of portfolio-type blended finance using funds, leveraging our industry-leading track record and capabilities. Through these initiatives, we will strive to solve social issues and deliver economic value at the same time. Finally, enhancement of profitability of our global platform. There are three main initiatives. The first is to strengthen our earning power in accordance with the market characteristics of each region. In the Americas, we will expand our business into new customers and products in areas where we can win and focus on enhancing risk management. We aim to expand in areas where we can demonstrate our leadership with a balance between offense and defense. In Europe, we will pursue capital efficiency by taking on the challenge of diversifying O&D with funds, particularly in the area of structured finance, where we have strengths. And in Asia, we will deepen our strong client base, particularly IG clients, and accelerate our shift to clients and products where MUFG's unique value can be demonstrated. The second point is a framework for agile resource allocation. With the Tokyo headquarters as the control tower, we will flexibly review the reallocation of assets between regions and aim to achieve a stable plan. The third point is to strengthen headquarters functions to support global operations. Cross-regional teams have been formed by function in the areas of finance, MIS, and operations to pursue global optimization. By having not only the staff of the Tokyo headquarters, but also the staff of each country and region take charge of the headquarters functions, we will strengthen the system to promote the global strategy, taking ownership. That concludes my presentation. Thank you very much for your kind attention. I am Seki, Head of Global Markets Business Group. Thank you very much for this opportunity. Today, I will review the previous MTBP of our group and explain the vision and main strategies of the current MTBP. First, a review of the previous MTBP. As shown in the upper left table, net operating profits in FY 2023, the final year of the previous MTBP, was JPY 27.5 billion, and ROE was 0.5%, both of which were down from FY 2020, the final year of the MTBP before last... This was mainly due to the systematic sale of bonds with unrealized losses and recording of losses in the Treasury business in order to improve the future investment yield on the foreign bond portfolio. Next, achievements and challenges. As shown in the upper right, Sales and Trading business drove our group's overall earnings, particularly by achieving record profits in FY 2022, thanks to the steady intake of customer flows and flexible position management through further collaboration and integrated management with customer segments. In addition, Alliance 2.0, which will further deepen our strategic alliance with Morgan Stanley, was launched on schedule. In Treasury operations, we actively utilized various hedging tools such as bear type funds, to secure resources to sell foreign bond with unrealized losses and replace them with held to maturity accounts, in order to both curb the deterioration in unrealized losses in the portfolio and increase financial income. On the other hand, challenges in Sales and Trading business are: In order to respond more precisely to the increasingly diverse and sophisticated needs and challenges of customers, we recognize the need to work on the development of an integrated management framework that is neutral from the perspectives of business group and entity, and further strengthen our capability to respond to a world with positive interest rates in the yen business. In Treasury and others, we need to continue to enhance the soundness of both the foreign currency and yen portfolio, strengthen yen balance sheet management, and contribute to making Japan a leading asset management center by strengthening our investment capabilities. Based on the recognition of these issues and the business environment for the current MTBP, shown in the lower right, we formulated our basic policy for the current MTBP. Please turn to the next page. This page shows an overview, including our business group's basic policy for the current MTBP. As shown in the upper left red box, the current MTBP will continue to set out the three visions, one through three, under the slogan, "Lead the transformation of MUFG for further growth." To realize these goals, we will specifically focus on five areas, one through five in red numbers, and promote seven main strategies, A through G, in the lower left. By focusing on these main strategies, we aim to achieve net operating profits of JPY 300 billion and ROE of 6.5% in FY 2026, the final year of the current MTBP, as shown in the upper right. From the next page, I will explain specific strategies and initiatives for each business area. Please turn to the next page. This slide shows the main strategies in the Sales and Trading area in the current MTBP. Focusing on the four strategies, A through D, we aim to achieve gross profits of over JPY 550 billion in FY 2026 in this area as a whole. For each strategy, the light blue box on the right shows customers' challenges and needs, and the yellow box to the left shows the main initiatives based on them. First is A in the upper left, MUFG optimization with GCIB. Overseas institutional investors, corporates, and other customers are facing diverse and sophisticated issues and needs, including the review of investment strategy. To respond to this, we aim to expand the number and volume of products handled and improve their quality, and achieve gross profits of over JPY 160 billion through the development of an integrated management structure between bank and securities and between GCIB and Global Markets business groups. In B, Morgan Stanley collaboration in the lower left, we will further leverage both parties' complementary strength and economies of scale under Alliance 2.0. In particular, FX trading business, which started in April, and Japanese equity business for institutional clients, which started in January this year, are both off to a good start. As shown in red in the chart, we aim to achieve synergies of over JPY 10 billion by providing high-value-added services to customers in Japan and overseas. Next is C in the top right, enhanced Japanese yen business. With the normalization of BOJ's monetary policy, yen interest rates are expected to rise in a reasonable manner, and domestic customers are facing a variety of challenges. To respond to this, we aim to enhance yen interest rate solutions capability and achieve gross profits of over JPY 100 billion by expanding our product lineup.... enhancing pricing, and further supporting our domestic branches to acquire knowledge of interest rates. Finally, D, bottom right, is enhance Asia business. Customers in Japan and overseas are facing needs and challenges, including new investment demand. To respond to this, we will further enhance our solution capability from Asia through various initiatives, leveraging the strength of MUFG's unique branch network, with the aim of achieving gross profits of over JPY 120 billion. Please turn to the next page. This slide shows the initiatives in the Treasury area. First of all, business environment and key initiatives shown in the upper left. Against the backdrop of the business environment and other factors that are presented, we will continue to strive for both profitability and soundness in the current MTBP under the two key initiatives in the red box. The first key initiative, enhance market risk management, is shown in the lower left. In terms of profitability, we will combine Japanese and foreign bonds and equities, and actively utilize hedging tools, dynamically change asset allocations corresponding to the direction of monetary policy in Japan and abroad, and take flexible approach to operate positions, thereby take risks in a timely and appropriate manner. We will also seek to accumulate capital gain, which includes offsetting the worsening non-Japanese yen income gain. At the same time, as shown in the upper right, we will also pay attention to soundness and continue to work, especially on reducing the deterioration of unrealized losses in the foreign bond portfolio. We will promote soundness of the entire portfolio by proactively utilizing various hedging tools, such as bear type funds, to sell bonds with unrealized losses, and by continuing to purchase and replace some bonds utilizing held to maturity account. Finally, the second key initiative is enhancing Japanese yen balance sheet management. Please look at the bottom right. In order to address the structural changes where the yen interest rate has turned positive and started to follow a further upward trend, we will strengthen the operation and management of each item on both sides of the balance sheet based on the contents in the boxes. Please turn to the next page. Lastly, I will explain the initiatives in new business area. First of all, E, promote GX business in the upper left. We have already started investing in global forest investment funds as part of our support for forestry business, and from the current MTBP in particular, we will start working on a full scale to activate carbon credit markets based on carbon credits received from the funds. Next is F, contribute to making Japan a leading asset management center in the lower left. To realize this strategy, which is one of the pillars of MUFG's growth strategy, our business group will mainly strengthen MUFG's overall fund management capability by transferring investment functions and part of assets in credit and alternative field to AMIS Business Group, as shown in the lower left diagram. Next is G, accelerate DX in the upper right. While reconstructing the system infrastructure, including the elimination of complicated and siloed system structures, we will also accelerate data-driven management using the latest technologies, such as AI, to support business, improve productivity, and speed up. In addition, as shown in the lower right, we will actively work to strengthen our infrastructure by investing in human resource, promoting DEI, and discussing ways to improve the efficiency of middle back functions. All the key strategies and initiatives of our business group's current MTBP that I explained today address the significant structural changes in the business environment. We cannot fully control the changes themselves. All we can do is to stand at the forefront of change. In other words, unless we do so, we will fail to survive in the market. With this in mind, we will once again be committed to the management of our Global Markets business with a strong determination and a focus on results. That concludes my presentation. I am Ihara, and I was appointed Group Head of Asset Management and Investor Services Business Group from this fiscal year. I'd like to first review the previous MTBP, followed by an overview of the current MTBP and discuss the main strategies. First, a look back on the previous MTBP. Top left shows the results for FY 2023. Net operating profit was JPY 110.8 billion, a significant increase of JPY 31 billion over FY 2020, and the expense ratio decreased by 2% to 70%. The AMIS business increased profits by expanding business volume, both in Japan and overseas, and the pension business also increased profits due to the inflow of funds into investment trust in the DC business, increasing net profit by JPY 21.5 billion in total. However, ROE remained at 27%, 2% higher than in FY 2020, due to the increase in loans to funds and increase in economic capital due to the creation of new products using the balance sheet. In the AM business, Mitsubishi UFJ Asset Management's balance of publicly offered equity investment trust, excluding ETFs, leapt to the top in Japan due to strong inflows into eMAXIS Series in Japan, while overseas, the company acquired AlbaCore, which has strengths in the growing private asset domain. In the IS business, The Master Trust Bank of Japan became the top manager of assets under management in Japan, and in the pension business, we continue to receive high evaluation from customers, which we consider to be a reasonable achievement. However, there are challenges. While steady results have been achieved in terms of business volume, fees continue to decline due to increased competition in both the AM and IS sectors. In the AM sector, we recognize that expanding alternative products and strengthening our active management capabilities, in addition to the eMAXIS Series, to be an important challenge. Next is an overview of the current MTBP. First, I would like to explain our vision and the industry environment. The aim of the business group in the current MTBP is to become a trusted group. As key strategies, in addition to focusing on Global AMIS, as in the previous plan, we aim to contribute to the realization of making Japan a leading asset management nation. Accordingly, in the AM business, the group aims to expand its asset management balance with a view of becoming Japan's number one AM with a global presence. In the IS business, the group will further expand its regions and functions globally, while in Japan, it aims to expand the domain of BPO business process outsourcing services for institutional investors and asset management companies. In the pension sector, we will take on the challenge of new channels, such as B2B2C, that is, reaching out to individual customers and employees through our business partners. The numerical targets are shown on the right. The net operating profit target for 2026, the final year of the current plan, is JPY 145 billion, an increase of JPY 35 billion compared to 2023. This is an ambitious target, more than JPY 31 billion increase achieved in the previous Medium-term Business Plan. Next, I would like to provide some additional information on ROE. MUFG has been refining the ROE by business groups since the current Medium-term Business Plan and has decided to allocate the amount of goodwill to the ROE by business groups. The group ROE has been significantly impacted by the number of acquisitions made in the past, aiming to expand overseas and to capture growth opportunities. As shown, bottom of the page, in each of the three main business areas, ambitious plans are set to achieve profit levels that exceed those of the previous plan, while goodwill and economic capital, the denominators of ROE, will also increase due to the acquisition of Link, announced in May this year, and the expansion of the composition of new products using the balance sheet. The current Medium-term Business Plan is to maintain ROE at the FY 2023 level by both expanding the business and planting seeds for future growth. But as the AMIS is a business with plenty of room for further growth, we will continue to focus on the inorganic ROE, taking into account both the ROE pre- and post-amortization. Next, I would like to explain each strategy in depth. First, I would like to talk about Global AMIS. The combined gross profit has grown to account for about half of the total gross profit of the group. In the current Medium-term Business Plan, we have positioned AMIS as a growth area and aim to link it to the growth of the entire business group. First, Global AM on the left. As the graph, middle left shows, the private market is a market that is expected to grow significantly in the future. Since the acquisition of FSI in 2019, the balance of unlisted infrastructure funds, one of FSI's strengths, has outperformed the industry growth rate and is appreciated by many customers. In addition to further product expansion through the non-listed infrastructure team, we aim to expand our private debt business by utilizing AlbaCore, acquired last year, to outpace the industry growth rate. Next is Global IS on the right. We have long been a one-stop shop for high-value-added services, such as asset management services and fund finance, through our global network of offices, comprehensively capturing the needs of our customers. In the current plan, we aim to build a stronger revenue base by expanding the products and regions we offer. In May of this year, we acquired Link Administration Holdings in Australia, and renamed it MPMS, MUFG Pension & Market Services. The company is involved in pension and stock transfer agent-related business globally and has a broad client base with a top share of the Australian pension market and the top share of the Indian IPO market, in terms of stock transfer agency services. For Global IS, this is an entry into a new area, taking on a new challenge. However, the pension and agency business are also business areas that Mitsubishi UFJ Trust Bank has long been involved in as its core business in Japan, and it will work to achieve synergies both domestically and internationally. Finally, I would like to explain our contribution to Asset Management Nation Realization Plan of Japan. The Asset Management Nation is a policy promoted by the government, but we have also positioned it as an important strategy and intend to contribute in multiple areas, many in the related AMIS businesses. In the AM business, the most important theme is to strengthen our product offering and asset management capabilities, and we aim to strengthen governance framework, as you can see bottom left. For example, as shown in the diagram bottom right, we will review our remuneration system and launch a new investment management personnel training program, with the aim of securing excellent investment management personnel. In addition, we will bring together the knowledge within MUFG to expand the investment capability, particularly in the private sector, which is expected to grow in the future, and we will take steady steps towards achieving an asset management balance of JPY 200 trillion by the end of March 2030. In the IS business, the group aims to contribute to improving the efficiency of the asset management industry. We will promote the outsourcing of middle and back-office operations of asset management companies, including the NAV, fiduciary single-party calculation service, and will further expand this service in the outsourcing business, with the aim of achieving a BPO balance of JPY 100 trillion by the end of March 2030. In the pension area, we'll expand investment education content to improve financial literacy and contribute to the independent asset building of each generation. For example, the number of downloads of D-Canvas, an application for DC subscribers, reached 620,000 recently and has been highly rated for promoting asset building and financial and economic education for employees. We will continue to help improve the financial literacy of our customers through various functional enhancements. That concludes the presentation of Asset Management and Investor Services Business Group. All members of the group will work together to achieve the goals of the current Medium-term Business Plan. Thank you very much for your kind attention.