Ladies and gentlemen, good afternoon. We'd like to start the program punctually. My name is Paddy Hogan. I run the investor relations function here at ORIX. I'm delighted to welcome you here today for our inaugural IR Day. For Japanese equities and investing in Japan from outside Tokyo, London really is the global capital for international equities, hence our decision to host today's event here. Some of you, and you know who you are, have traveled a long way to get here, and we, particularly the executive management team, greatly appreciate your support. Over the next 90 minutes or so, you'll meet the executives on my left and right who are focused on improving returns. Our first speaker, Hidetake Takahashi, joined ORIX in 1993 directly from university. He's held a variety of roles during his long tenure at ORIX, including time spent in renewable energy, private equity, real estate, and corporate finance. Prior to being appointed CEO earlier this year, he served as COO and is the architect behind the current medium-term plan, which was introduced in May of last year. He's to my left. Please join me in welcoming him and the other executives. Thank you. Thank you, Paddy. Good afternoon, everyone, and thank you very much for joining us today. I am Hidetake Takahashi, President and Group CEO of ORIX Corporation. We are delighted to host our first investor day here in London. Since becoming president last year, I have made investor engagement a top priority, conducting more than 200 meetings over the past 18 months. Through those discussions, I have received many thoughtful questions about ORIX. The key message we would like to share with you today is simple: why ORIX, and why now? As the global economy and industrial landscape continue to evolve, we believe ORIX is uniquely positioned to capture new growth opportunities and create sustainable value by leveraging our diversified portfolio, global platform, and long-standing expertise in finance, operation, and investments. This is today's agenda. Let me introduce our leadership team here. From my right, Satoru Matsuzaki, COO of Japan and APAC, and Shuji Irie, COO of infrastructure. On left-hand side, Terry Suzuki, COO of USA and Europe. Finally, Masa Yamada, our group CFO and the chief strategy officer. Following my remarks, they will provide further details on our strategy and execution in their respective areas. We will conclude with a Q&A session, and look forward to your questions. Thank you once again for being with us, and I hope you enjoy the session. With that, let me begin my remarks. Today, I will focus on four key questions I'm frequently asked by investors. First, why ORIX continues to evolve. In other words, why ORIX may appear so complex. Second, what our recent reorganization and new management structure intended to achieve. Third, how we will achieve our long-term vision. Finally, our capital allocation policy. Through those topics, I hope to provide a clear understanding of how ORIX create value and how we intend to enhance that value going forward. To address the first question, let me briefly walk you through our history. We introduced leasing to Japan in 1964. From early stage, we began diversifying our business and expanding internationally. Since then, we have continued to evolve our business portfolio. There are three philosophies behind this. First, standing on our own. Second, being agile, flexible, and adaptable. And third, recognizing that change is the only constant. As all business have life cycles, and monoline business eventually mature, sustainable growth requires continuous evolution. This is why ORIX has expanded into adjacent domains over time. As a result, we have delivered consistent profitability throughout our 62-year history. Importantly, we aim to go beyond financing. We provide not only capital, but also operational capabilities and expertise. Now, let me address the key question, why ORIX continue to evolve? Our core strengths lies in our origination and execution capabilities, enabling us to identify high-quality investment opportunities. But origination alone is not enough. We evaluate opportunities through a disciplined risk management framework, leveraging both financial and operational expertise. We then create value through a hands-on approach while closely monitoring performance throughout the investment cycle. Finally, we make disciplined decisions on whether to hold or exit. This allows us to optimize our portfolio and continuously recycle capital and talent into new growth areas. This value creation cycle enables us to achieve profitable and sustainable growth. In short, ORIX is a powerful origination and value creation engine, and diversification is not complexity for its own sake. It is a core strength that we manage with discipline. Let me touch on our new management structures. In January, we reorganized the group into five business units and five corporate functions. Following this, we introduced the so-called CxO system starting in April. This reform aims to optimize resource allocation under CEO and accelerate new business creation through both intra and cross-unit collaboration. At the same time, we have expanded the delegation of authority to individual business units. This enables faster and more accountable decision-making closer to the frontline. Our CFO ensures strong financial discipline, and CRO provides robust risk oversight. Each CxO is responsible for not only their own area but also for contributing to overall ORIX Group management alongside the CEO. As CEO, my primary responsibility is to ensure that ORIX Group continues to enhance corporate value over the long term. With that in mind, last year, I led to establish our long-term vision, making impact through alternative investment and operation and business solutions. We also set the financial targets for 2035, 15% ROE and JPY 1 trillion net income. These targets are ambitious but achievable. They reflect our commitment to sustainable growth and disciplined value creation. To achieve that long-term vision, we will continue to advance three key initiatives, portfolio optimization, sophistication of risk management, and new business creation. In addition, we have introduced a new initiative, business model transformation. This will be driven by what we call two forms of shinka in Japanese, one meaning deepening and the other meaning evolution. Through this, we will further deepen and evolve our two core business models. And let me explain how we are transforming our two core business models. Under alternative investment and operations, we will utilize our balance sheet more efficiently and accelerate investments in alternative assets, where we can directly create value and then transition assets into AUM. We will then evolve this business model into alternative investment operations and asset management. Under business solutions, we continue to deepen customer touchpoints through a market-in approach and expand our fee-for-service offerings. At the same time, by growing our asset operations and management services across key areas including mobility, real estate, and renewables, we will enhance stable and recurring fee income. CFO Masa will elaborate further on AUM and fee income growth strategy in his presentation. Let me touch on capital allocation policy. Our capital allocation policy is to maximize corporate value over the long term. The key principle is balance. We aim to maintain a balanced approach between growth investment and shareholder returns while preserving strong financial discipline. We will continue to prioritize growth investments in areas where ORIX can leverage its strengths. At the same time, we remain committed to delivering stable dividends. In addition, we will execute share buybacks in a disciplined and flexible manner, particularly when capital is returned through one-off divestments. Through this approach, we aim to enhance capital efficiency while maintaining balance sheet strength. Finally, let me touch upon valuation. We have positioned ROE improvement as our top management priority. Through initiatives such as portfolio optimization, our price to book has improved to close to approximately 1.5 x. While we continue to focus on ROE, going forward, we will place greater emphasis on the numerator by driving sustainable EPS growth. This will be achieved through, again, growth investments and business model transformation. Through this effort, my aspiration is to evolve ORIX into a company that is increasingly valued on a price-to-earnings basis. Our goal is not just own asset, but to operate and enhance their value and continuously recycling capital into high return opportunities, compounding earnings over time. Ultimately, it is earnings that compound, and this compounding drives our long-term corporate value. With that, this conclude my presentation. Next, Mr. Matsuzaki will present you about our Japan and APAC business. Thank you very much for your attention. Thank you. Hi. Good afternoon, everyone. I'm Satoru Matsuzaki, COO of the Japan and APAC business unit. It is pleasure to see you in London, and thank you for joining us today. Actually, this is my first time in London in my life. Such a wonderful historic atmosphere and very beautiful weather. I've completely fall in love with this city. Today, I'd like to walk you through our Japan and APAC business, highlighting our core strengths and how we are driving strategic integration while expanding our business solutions and investment capability across the region. First, next page please. Let me outline the structure and the business overview of the Japan and APAC business unit. This unit, our business unit, consists of six businesses, Corporate Financial Services, Auto Lease, Rentec, and PE investments, Asia Pacific, and Greater China. These businesses are built up on the diversified business that ORIX had developed over many years. I believe this model itself is a source of our competitive advantage. From the top left, Corporate Financial Services has established the business solution model. This model leverages ORIX's strong customer reach compared with peers to provide financing, value services, succession related investments, and one more, there is one of the important function that is collaboration across the group. As mentioned in the Takahashi-san, CEO's presentation, business solution is a core business model for us. I will refer to it several times throughout my presentation, so I hope you will keep it in mind. The auto business covers leasing, rental car, and mobility services. It manages approximately 1.42 million vehicles, placing its fleet among the largest in the world. Rentec primarily provides rental and leasing services for electric measurement instruments and ICT-related equipment. As a leading company in Japan with approximately 40,000 types of equipment, it supports a wide range of customer needs. The private equity investment business conduct domestic private equity investment based on our alternative investment and operations model. We have a strong track record with a total of 33 investments made to date. Our private equity strategy has delivered high returns using strict investment disciplines, including an IRR of approximately 25% and MOIC of around 3.5 x. As with business solutions, alternative investment and operations is another core business model that underpins our investment approach. Overseas in Asia Pacific, we operate in a total of 12 countries through subsidiary in nine countries and equity invest affiliate in three countries. We provide financial services and conduct private equity investments. Finally, Greater China, we conduct financial services and private equity investment through local entities in Mainland China, Hong Kong, and Taiwan. The next page, please. This page shows trend in segment profit and ROE. The line graph represents ROE. The bar chart represents segment profit. Looking at the actual result, segment profit grew significantly from JPY 131 billion in fiscal year March 2023, to JPY 257 billion in fiscal year March 2026. ROE also improved from 7.9% to 12.2%. While overall profit and ROE has improved steadily, I would like to focus on the differences among the six business units on the right-hand side. First, Auto and Rentec are our most profitable businesses, with ROE in the high teens at around 19%. These businesses have built highly efficient and scalable models, combining stable recurring revenues with strong operational capabilities. In particular, both businesses have evolved into business process outsourcing (BPO) type models, which allow them to generate stable earnings and maintain high efficiency. Corporate Financial Services and PE Investment deliver mid-teen ROEs of around 15%-16%. Corporate Financial Services delivers this level of high ROE through our business solution model, combining financing and a range of services. PE Investment, on the other hand, achieves a similar level of high ROE through disciplined hands-on investment and value creation. In Asia Pacific, ROE is currently at the single-digit level yet, but we expect it to reach double digits soon. More importantly, we see this region as a key growth driver going forward. By expanding our business solutions model and strengthening cross-regional strategic integration, we aim to significantly improve both scale and profitability. Finally, Greater China currently shows the lower level. This reflects a combination of market condition, portfolio issues, and structural challenges. We clearly position this region as an area for restructuring and portfolio optimization. This page, our APAC operation in each country have grown steadily. However, given the remarkable economic growth in this market, we believe there is still significant potential to capture more business opportunity and further accelerate diversification. So far, each country has largely developed its business independently. As a result, we have not fully utilized group wide resources until now, and our businesses have remained largely standalone. Also, overseas expansion into businesses other than auto leasing and finance has been limited. Going forward, we will expand the business solution model that we have developed in Japan across the APAC region. We need to find out adjacent business area and become more diversified organization. Next page. This is a case study of our ORIX fleet business. As I mentioned earlier, the Asian Pacific unit is currently at the single digit ROE yet. In contrast, OACL, our subsidiary in Australia, has developed a service driven integrated leasing model that combine financing with recurring service revenue, and this model is already delivering a mid-teen ROE. ROE is now 13.5% Australian business. Of course, ORIX Auto Japan also supports strongly this project. We are now scaling this business model across the APAC region, replicating proven business solution across multiple markets. This will allow us to deepen customer relationship, enhance returns through a more service-led model, and build a scalable regional platform. As this strategic integration progresses, we expect it to drive ROE improvement across the broader Asian Pacific business. In Japan, as I mentioned, we have developed a wide range of business solutions to address diverse client needs, going well beyond traditional financing. This capability have also evolved over time. For example, what began with services such as life insurance brokerage have expanded into more sophisticated such as M&A brokerage Reflecting our deepening expertise. What differentiates us is not only single product, but our ability to combine multiple solutions tailored to each client needs. We aim to bring this approach to the APAC region, replicating these Japan's developed business solutions. In the following page, I will share an example for how we combine these solution in practice. Let me share an example of how corporate finance services in Japan provide business solutions. In this case, we supported both the seller and the buyer in business succession transaction. For the seller, we provided M&A advisory services and also transferred aircraft assets from our own balance sheet. For the buyer, we arranged acquisition finance to support the transaction. What is important here is there are not standalone services. We deliver multiple solutions in an integrated manner centered around the client's needs. This is a typical example of how we leverage our broad capability to enhance profitability while deepening client relationship. We believe that this ability to provide a wide range of integrated business solutions, alongside financing represent one of ORIX's key competitive advantage and is not easily replicated by others. In addition to the strategic integration and business solution initiatives that I have already discussed, I would now like to turn to our alternative investment and operations, AIO, which represents another key pillar of our business model. Together with QIA, you already know the Qatar Investment Authority, we have established a joint investment platform with approximately $2.5 billion in equity and have already begun deploying capital, including the first investment from the fund. Through this platform, we combine ORIX Japan expertise and origination capabilities with QIA's large scale, long-term global capital. This enable us to source and execute investment opportunities more effectively, particularly in mid-sized company and corporate carve-outs, where our local networks and execution capabilities can be leveraged. As an initial step, we will fully deploy the investment capacity of the QIA fund and build towards the establishment of second fund with multiple LPs. In Japan, we are seeing a weak yen, low interest rate compared to overseas market, and easy access to bank financing. These, combined with a clear inflationary trend and capital inflows from foreign investors, have further intensified competition for investment opportunity in the private equity market in Japan. As a result, valuations have risen significantly, making it increasingly difficult to maintain a competitive edge using conventional investment approach alone. Under these circumstances, it is essential to further evolve our alternative investment and operations model to keep our competitive edge in the private equity industry. Our business aim to contribute to ORIX's goal of achieving JPY 100 trillion in under asset management by also leveraging knowledge and expertise from infrastructure and the USA, Europe Segment and other segment. The final page, let me conclude with the mission of the APAC COO. The Japan and APAC Business Unit will become a growth platform for the group. I have let our staff know that continue to use the same approach will not deliver the next phase of growth. Since the 2000, we have created new business, new earning pillars in this area, such as private equity investment business and energy and environment business. Today, both the PE and Environment Energy Business Segment have grown into businesses which generate approximately JPY 100 billion in segment profit. The Japan and APAC Business Unit will continue to be at the center of the group's further future growth. More importantly, the key to achieving our 2035 vision is our people. Developing the next generation of leaders and building a sustainable organization is absolutely essential. We must continue to take ownership of new challenges, identify opportunities ourselves. Bringing these elements together, we will drive strategic integration across the region with business solutions and alternative investment operations as our two core pillars to deliver the next phase of growth in APAC. Thank you very much for listening. Next on stage is Irie-san's presentation. Please welcome. The floor is yours. Thank you. Good afternoon, everyone. I am Shuji Irie. I have been leading Infrastructure Business Unit as COO since this April. First of all, I'd just like to celebrate England won the game in the World Cup yesterday. Unfortunately, Japan lost the game against Brazil on Monday. Going forward, I strongly cheer England to get the trophy. Today, I would like to focus on one key message: how we will scale our Infrastructure Business and make it core driver of ORIX's future growth. Over the years, ORIX has built strong and diversified Infrastructure platform. We have developed businesses across energy, transportation, real estate, and public infrastructure. However, size alone does not create value. The next phase, it's about how we originate attractive opportunities, how we enhance the value of assets, and how we will rotate those assets into asset management platform in largely and speedy manner. This is a journey from the successful investor to becoming leading alternative asset player. Let me begin with where we stand today. Our infrastructure business has already reached meaningful scale. Today, the unit manage segment asset of JPY 3.6 trillion, and generated segment profit of JPY 280 billion, with 13.9% ROE in the last fiscal year, which is supported by JPY 1.5 trillion equity capital, represents one third of total ORIX capital base. The foundation is already in place. My mission is not to create the business from zero. My mission is to further leverage our capabilities we already have, our investment track record, operating expertise, customer relationship, financial strengths, and convert them into sustainable growth. Our infrastructure platform consists of mainly five areas, which I want to explain now. The common theme is long-term demand, tangible asset, and ability to create additional value through active management. In renewable energy, ORIX operates 3.6 GW of power generation capacity. We are the leading player in Japan. We are now expanding from traditional solar power to new areas such as battery storage and energy aggregation. Overseas, our subsidiary, Elawan Energy, is operating renewable asset in Europe and the U.S. We also do circular economy and newly acquired Nozoe Sangyo plastic packaging recycling company. In transportation, ORIX has established strong global presence in aircraft leasing through Avolon and ORIX Aviation Systems, OAS, in Dublin. Avolon, our 30% affiliate, is one of the world's largest aircraft leasing companies. While OAS is also well-recognized in the industry, and leading player in Japanese Operating Lease investments. Today, they provide us with a stronger platform covering aircraft investment, leasing, trading, and asset management. In shipping, we have developed a diversified business model covering ownership, fleet management, brokerage, and finance. We are probably only one player who does those kinds of covering those kinds of the business with a certain scale in Japan. In real estate, ORIX has built extensive capabilities across office, residential, logistics, hospitality, and mixed-use properties. We also operate an asset management platform including J-REIT and private funds. Finally, through airports in Kansai and Osaka Integrated Resort Project, we continue to expand our role in large public infrastructure. Let me talk about why infrastructure and why ORIX. Infrastructure assets have several attractive characteristics. They provide stable cash flow, they are resilient against inflation, and they have strong institutional demand from the investor as alternative asset. They are well suited with our strategy of improving capital efficiency through asset management. ORIX's competitive advantage comes from four areas. First, our track record and scale. We have built top-class positions across multiple infrastructure sectors. Second, our asset management capability. We have decades of experience of investing in operating and selling the assets. Third, our balance sheet capabilities. Our balance sheet allows us to invest, develop, create value, and then efficiently rotate the assets to the third-party investors. Fourth, particularly in Japan, ORIX is the trusted brand among the stakeholders and investors. I will now touch on the macro market and our strategy per segment. Energy and environment. Renewable energy market is currently under significant transformation. Following the Russia-Ukraine situation, the market in Europe became challenging. However, the fundamental drivers remain strong, we think. Electricity-driven demand, data center growth, and national energy security is creating new opportunities. At the same time, business model is changing. Market is moving from government-sponsored business model, such as FIT, towards more market-oriented model, such as FIP, merchant, digitalization, and aggregation. This change provides another opportunity for us, ORIX's strategy is to strengthen our capabilities in three areas. First, trading capability. Second, asset management capability. Third, O&M, operation and management capability. By combining these capabilities, we aim to capture differentiated opportunities throughout the energy value chain. Looking ahead, we see four important growth areas. First, battery storage. Battery system is increasingly important to stabilize energy demand and supply. Second, digitalization and aggregation. By managing multiple sources of energy intelligently, we can optimize value creation. Third, energy transition solutions, including ammonia. Fourth, data centers. The growth of AI and cloud service is driving strong demand for power infrastructure. We see these areas are not as separate one, but as one integrated opportunity. Let me move to the transportation. Aircraft leasing is already one of ORIX's strongest global business, which represents 25% of total infrastructure asset. The market benefits from attractive supply-demand dynamics, aircraft leasing provides stable cash flow together with asset value appreciation opportunities. ORIX has a unique position through both Avolon and OAS. Our ambition is broader than simple aircraft leasing. We aim to expand along the broader market value chain from aircraft bodies into engine and parts out, as well as trading and related asset management opportunities. In shipping, we also see opportunities to expand our diversified platform. Both aviation and shipping are highly compatible with alternative asset management. This slide shows our direction in aircraft to asset management. We are actively originating assets from various sources, including Avolon, with using our balance sheet strategically. Together with our forthcoming platform of engine and parts out, we rotate assets to investors under management. That investor includes institutional investors, joint ventures, Japanese operating lease investors, and Japanese Aircraft Leasing Fund, which we are currently preparing, global capital providers. The key message is we are not simply managing aircraft as a lessor. We aim to build structured business ecosystem around aircraft related assets in this industry. Let me now move to the real estate. After the global financial crisis, ORIX intentionally reduce real estate exposure to strengthen our portfolio discipline. Between 2011 and 2020, we reduced the proportion from 25% to merely a single digit. The environment has changed. In today's inflationary environment, real estate business still provide attractive opportunities by managing investment, development, operation, and asset rotation, along with our diversified capabilities. Going forward, we aim to increase our investment and expand our real estate platform, while remain very disciplined. We will focus on assets where we can create the value through active management, including strategic capital expenditure, revenue management, and improvement of operational performance. The property universe is broad. ORIX has plenty of experience across office, residential, logistics, hospitality, and mixed use assets. We will leverage our strongest origination capability in Japan. Through our local presence and local network, we can identify attractive opportunities. We'll focus mainly metropolitan and major city areas where there is stronger demand, better liquidity, and greater potential for value enhancement. This slide shows our value creation model. You can see that ORIX participates throughout the real estate value chain. As I said that we already have established asset management platform, J-REIT and private funds. By using our balance sheet strategically, we can make active acquisition and after value enhancement, rotate to investors under asset management. This creates two sources of value, investment gain and expansion of assets under management. Before conclusion, let me briefly touch on Osaka Integrated Resort. This project represents one of Japan's largest future tourism and entertainment development. It will include hotel, MICE facilities, entertainment, and other integrated facilities, as well as casino service. The project benefits from the location in Osaka, Kansai, strong tourism demand in Osaka City, connectivity with the three airports in Kansai which we are operating, attractive cities to go around, such as Kyoto and Kobe, and an enormous potential for in Seto Inland Sea tourism. IR facility, the construction is going on and we're progressing as scheduled. It's going to be opened in 2030. For ORIX, Osaka IR is not only a single project, it represents an opportunity to create value with our existing business, such as hospitality, entertainment, and transportation. Let me conclude. Our goal is clear: to become the number one alternative asset player in the world, and to meaningfully contribute ORIX 15% ROE target. Our differentiation comes from four strengths. Strong balance sheet, origination capability, ORIX brand and trust, particularly in Japan, and ability to create value through operation and management. Going forward, we'll focus on four strategic actions. First, optimized asset scales. Second, take disciplined risk and pursue attractive opportunities. Third, further strengthen asset management capabilities. Fourth, develop talent pool across the organization. The strategy is clear, opportunity is significant, and I will lead infrastructure business unit to execute this transformation. Ladies and gentlemen, thank you very much for your attention. Now, let me invite Terry, COO for USA and Europe, to continue the presentation. Thank you. Hi. Good afternoon, and thank you for joining us in London. I'm Terry Suzuki, COO of ORIX U.S. and Europe business unit. I got five minutes shorter time allocation today, unfortunately, I cannot deliver any humorous icebreaking story. Anyway, yeah, I also supporting England team. In my part, I'll cover three topics. First, a clear picture of our U.S. platform. How it was built, how it performs, and where it goes. Second, how we are turning our balance sheet into more capital efficient, fee generating asset management model. Third, most relevant to this room, how ORIX USA and ORIX Europe are coming together as one integrated platform. Let me start with the foundation. More than four decades of building in the United States. ORIX USA is not a recent venture. We have built in the United States for over 45 years. We entered in the U.S. in 1981 expanded across cycles, from leasing into corporate and real estate finance, into capital markets, then a diversified alternatives platform. Along the way, we built the platform. We acquired the businesses, sold them, and took one of them public. We took Houlihan Lokey public, combined RED Capital, Lancaster Pollard, and Hunt into today's Lument. Acquired and later sold the hedge fund Mariner Investment. Added NXT Capital in a private credit business, and Boston Financial in affordable housing. Most recently, took a majority stake in Hilco Global, which is number one asset valuation liquidation company in U.S. last year. The point is, this platform has been assembled over 45 years to roughly $32 billion in third-party AUM today. In the U.S., which is the largest asset management fee pool in the world, potential is large, we intend to keep expanding. That longevity and discipline underpin the strategy I'll describe next. Let me address ORIX USA's performance directly for a moment. Everybody's just wondering what's happening, what's going on in the U.S., okay? Our most recent year, fiscal year ended March 2026, was weak for ORIX USA, with segment profits well below the prior years on this chart. The reason is very simple. This was not a deterioration in the business, but primarily one-time non-cash impairments of legacy assets. A reset, not a trend. We have also de-risked our book by cleaning up potential impairments, monetizing mature investments, including full private equity exit announced last year, and recycling the capital into core strategies. Hilco is one example. From here, net interest margin from our credit business is a stable base. On top of that, we add growing fee income as AUM expands and recurring gains from equity investments. By the way, ORIX USA completed another private equity exit, realizing over 4x MOIC yesterday. While we stay cautious on the macro, we expect a brighter outlook based on a solid balance sheet with less impairments and asset sale gains come through. For our long-term investors, the point is simple. The franchise is intact. The balance sheet is being cleaned up. The platform's earnings power has not changed. What is our core business today? Three alternative asset classes, all in the middle market with growing third-party capital. First, corporate private credit, cash flow, enterprise value, and sponsor-backed lending through platforms such as NXT and our growth capital business. NXT's Fund VIII has just completed the first closing with more than one billion equity commitment, which will give NXT more than 1.8 billion new dry powder. Second, asset-based private credit, lending against collateral and asset value, an area which we are actively expanding with Hilco's asset valuation expertise. Third, real estate, providing equity and debt in essential sectors such as multifamily and affordable housing through Real Estate Investment Strategies, Hilco, Boston Financial, and Lument. With new initiatives, including U.S. multifamily equity, U.K., Europe bridge lending, and U.S. opportunistic strategies. A macro point across asset-based lending and especially real estate, we invest in the hard asset, which tend to hold value under an inflationary environment, a real plus for investors. We may also leverage Hilco into corporate private equity and IP-related investment going forward. In a private asset business, our edge is origination, is underwriting, and discipline, concentrated on the middle market where competition is lighter and the risk-adjusted return more attractive, and proprietary sourcing drives the pipeline. For investors seeking differentiated access to U.S. private markets, this platform is not easy to replicate. Now to the strategic shift that matters most for returns. Historically, ORIX USA invested its own balance sheet directly, which works, but the return on the equity capped at the investment return alone. Since around 2020, we have shifted to a hybrid model utilizing both balance sheet and third-party capital. This is an illustration, but please look at the slide. In the old model, JPY 2 billion of a balance sheet capital is invested directly, meaning JPY 2 billion of AUM. One return source and ROE around 10%. In the new model, the same JPY 2 billion becomes a 10% GP co-investment alongside with JPY 18 billion of third-party capital, JPY 20 billion of AUM in total. The same balance sheet now supports 10 times the assets and earns from three sources, the investment return on our own investment, management fees, and incentive fees. ROE rises to around 25% in this example. The balance sheet does not become smaller. Each JPY simply works harder. Co-investing our balance sheet alongside with third-party capital also creates alignment with investors and lets us compete for materially larger deals than a balance sheet only model. Our balance sheet sees assets, builds a track record, attract investors, and is recycled with discipline. The market rewards a fee-based asset manager with a higher valuation multiple than a balance sheet incentive intensive finance companies. As we shift toward the business with recurring management and incentive fees, we are lifting returns on equity and building higher quality earnings. Next, the combination of ORIX USA and ORIX Europe. Together, we manage over JPY 500 billion of third-party assets. ORIX Europe, anchored by Robeco, which was founded in 1929 and part of ORIX since 2013, brings around JPY 476 billion, primarily public markets such as equities and fixed income. ORIX USA adds around JPY 32 billion in the private market, private credit, real estate, private equity. We collectively serve over 1,000 institutional clients and around 3,700 professionals. Combined AUM, that would place us among the world's 30 largest asset managers. These are highly complementary franchises across public and private, and across European and American distributions with very little overlap. For investors, that means access through one group to U.S. private market strategies alongside deep public market capabilities. One global integrated asset manager, not two regional players. Across ORIX USA and ORIX Europe, we operate in more than 25 locations spanning North America, Europe, and Asia Pacific. This gives us local market intelligence, proximity to broad institutional investor base, and the reach to place strategies globally. The U.S. and European networks sit in complementary markets, the structure advantage that makes the collaboration. How do our two platforms create value together? Five priorities. First, distribution. We are working to increase the mutual utilization of our respective client bases and product platforms. Second, joint product development. Strategies for insurance companies are a natural example, needing both public and private capabilities, and the project is already underway. Third, knowledge sharing. Robeco recently won a private credit mandate in Europe, opening direct dialogue with our U.S. teams. Fourth, market expansion. Over the mid to long term, we want to extend U.S. strategies such as growth capital and the GP solutions into Europe and expand Hilco Global across European real estate and asset-based lending. Fifth, U.S. activity support. With ORIX USA helping ORIX Europe build its U.S. presence further organically and through acquisitions. We are already seeing early synergies in the distribution and the products. The direction is clear. Two parallel operations toward a single integrated business unit that shares resources and best practices while preserving the local autonomy for good execution. Let me close on Europe. Robeco is our base to grow. Accelerating in APAC, using quant and AI to scale Alpha, and commercializing innovation such as active ETFs, quant, indices, and private debt, alongside sustainable investing with a reformed wholesale business. Boston Partners, a well-regarded value equity manager with a strong track record, has restructured distribution to accelerate AUM growth, for example, through sub-advisory partners and a new private wealth platform. Harbor Capital is targeting U.S. ETF leadership, building competitive products and growing custom model business. Transtrend keeps delivering systematic performance through its diversified trend program, growing via client and product diversification. The story comes full circle. A 45-year U.S. platform, a disciplined reset is now behind us, a more capital-efficient model ahead, and an integrated U.S. and Europe franchise. A cleaner, slimmer ORIX USA should deliver better quality earnings. And together with ORIX Europe, we can offer investors full product suite across public and private markets. Thank you. Now, I invite Masa Yamada, our CFO and CSO, to the stage. Masa, it's yours. Okay. Hello and good afternoon. My name is Masa Yamada, and I'm CFO and CSO. For the avoidance of doubt, CSO being Chief Strategy Officer. I'm relatively new to ORIX. I joined ORIX February this year after spending 30 years, to be precise, 29 years and 10 months at JP Morgan. For the recent 12 years, I ran the investment banking business in Japan for JP Morgan. In my session, I would like to talk about the strategy shift towards the third-party asset management business model, which you have already heard about in each of the earlier sessions. I'll be pretty quick on this page, but briefly, the key is on the back of constraints on a balance sheet model imposed by credit ratings as well as capital efficiency requirements. We are shifting towards a third-party asset management model where we expect more fee income on top of our own asset-based income. The model requires changes to our balance sheet usage, specifically towards the warehousing function, as well as provisions of the seed capital. The expansion of AUM through attracting third-party capital is a key to the success. Today, ORIX has a total of JPY 7 trillion, which is about $44 billion USD of the private asset AUM on the page left. To put this in a context, as we have JPY 18 trillion of the total assets on the balance sheet today, the ratio of private asset AUM to the total assets is seven divided by 18, so about 0.4 x. To be more precise, if you exclude the total assets of the bank that we announced to sell this year, the ratio becomes a bit higher. If you compare that ratio with the global peers on the page, by the way, company A is Apollo, company B is Macquarie, and company C is Ares Management. In the case of Apollo, the ratio is 2.2 and Macquarie is 0.8, and Ares Management is 22.7 as based on public information. A few observations here. The first one is that we have more room to grow our private asset AUM. Compared to the size of a balance sheet, we should target the ratio to be at least that of Macquarie and over the long term, to that of Apollo. The second point is that we have the structural advantage of a balance sheet to leverage. A model would be closer to, again, that of Macquarie and also that of Apollo with the Athene's balance sheet. This is how we envision our private asset AUM to grow. We have two growth levers here at the U.S. and Japan. Of JPY 7 trillion of private asset AUM today, JPY 2 trillion in Japan and JPY 5 trillion equivalent in the U.S. As Terry explained the strategy earlier session, we expect ORIX USA continue to grow private asset AUM at much higher pace than we have seen in the past. Meanwhile, Japan private asset market is at its nascent stage. According to the Bank of Japan data set, the global private asset market stands at $15 trillion as of 2024. While the U.S. represent about 51% and Europe 20%, Japan represents only 1%. Japanese equity market has already taken off on the back of regulatory reform, as you know, and also structural changes, as you know. Improvements in interest rates and inflation are also making Japanese private asset market increasingly attractive to many of the institutional investors. Preparing early is important, and I think we view Japan market as a huge upside over the mid to long term. Again, this is how ORIX will operate in the Japanese private asset market. With the help of strategic consulting firms, we came up with a potential addressable wallet to be between JPY 35 trillion - JPY 50 trillion over the next five years. Specific wallet size of each asset class is on the left box of the page, and most of them, if not all, are within the 17 strategic areas under Prime Minister Takaichi's growth strategy. Over the next two pages, I will talk about how ORIX can add value in the private asset market. We believe ORIX is uniquely positioned for the private asset market opportunities in Japan. We laid out our core capabilities on the left-hand side of the page. What really differentiated us from competition would be really the first two points, that is, origination capabilities and operational excellence. Banks don't have neither of the capabilities, trading houses probably have them, but their main focus would be more on distribution side or, I guess, transaction side of the business as opposed to the finance. We also are conscious of what we need to have in order to be successful in these opportunities, again, laid out those items on the right-hand side of the page. They are all crucial for the success, we started building foundation for each, including shift of people's mindset at every layer of the organization. We will connect regional distribution platform to develop a distribution platform in Japan, to provide institutional investors access to attractive investment opportunities globally. Okay. This page, global investors such as PE-backed insurance companies, infra funds, as well as SWF and/slash pension funds, have shown strong interest in the potential of Japanese private asset market for the recent years. For many of the global players, as they don't have local platforms, they would likely need to team up with some local players. On the right-hand side of the page, a few recent examples of such partnerships between global players and local players, including ourselves, which Matsuzaki-san explained earlier sessions. In addition, Japanese incumbent life insurance companies have been recently increasing their interest in this market as well, such as Nippon Life and Dai-ichi Life. This last page. Between base profits and capital gains, we aim to further grow base profits over the mid to long term. For the base profits, which is composed of asset-based income and fee income, we see that fee income will be the critical driving force here. Today, our fee income before SG&A, so it's basically the gross profit concept, is JPY 474 billion on the left bar chart, right? We envision that it grows more than double towards 2035. If we go further detail, out of total JPY 474 billion of the fee income today, JPY 200 billion comes from traditional asset management business, mainly Robeco. It's public equity and debt. JPY 40 billion comes from the private/real assets that we have just talked through in the sessions. The rest of JPY 230 billion comes from operations and others, as in the center of the page. We expect the fee income from both traditional asset management as well as operations and others to grow at mid-single digits, while we envision the fee income from private/asset to grow at a little bit ambitious, but the mid-to-high double digits for us to get to the ROE target of 15% by 2035. It was relatively short compared to the previous sessions, but this concludes my presentation and thank you for listening. [Presentation] Program, which is an interactive Q&A session. I'll let the executives sit down. Before I ask for the first question, it's a very simple disclaimer. It's July 2nd. Obvious statement, so by definition, we're in a quiet period, so please no questions that specifically refer to the most recent quarter's financials. Now, who's going to ask the first question? Carl. First of all, thanks very much for this session. It's been really helpful. Thanks. Yeah, useful session. Thank you. Maybe just to kick things off with an easy question. I'll leave the tough ones to others in the room. We've heard a lot, and we've been reading a lot about this transition in the business model and the changing way that you're looking to use your balance sheet and bring in third-party funds. Obviously, we're very supportive of that. Can you just talk us through maybe what are the barriers to execution? What are the remaining challenges, the bits of the jigsaw puzzle that you need to yet put in place to really bring that vision of the new ORIX, so to speak, to bring that to fruition? Thanks. Can you hear me well? Okay. Last year was the first year to execute our strategy, but we have already developed a clear strategy, and it's only execution phase, long story short. We are in the early stage, but I think we have steadily progressed well. For example, portfolio optimization-wise, a good example is the sales of ORIX Bank. We have already implemented the portfolio optimization for other asset classes, and in terms of fundraising for asset management, QIA for private equity for the Japan and APAC Business Unit, and value add fund for real asset at the Infrastructure Business Unit. As Terry said, that we recently met first close for NXT Capital. Fundraising activity is progressing well. I have a strong leadership team, so to execute a strategy going forward. The challenging things going forward may be we need to continuously keep a good talent to execute a long-term strategy because we need to execute that strategy in the next 9 years. For that, we continuously need to develop a good talent, and we need to continuously identify the good talent. Might be challenging, we have a good internal candidate, and we have good access to the market. Securing good talent and developing good talent and compensating them in a fair way and see the same direction and to be on the same boat and to get there in 2035. Thank you. Next question. David. Maybe you can wait for a microphone. Thank you very much. This may be a question more for Masa. If I look at ORIX's credit rating, it's lower than that of, say, Macquarie and some of those other peers, your leverage is also lower. Why do you feel that is, and how can you change that? I think you are right. I guess in terms of leverage, we are really running the company very low leverage. Really running the company really on a conservative basis. Yet, the rating agency assigns BBB+ by S&P, A3 by Moody's. Split rating. One of the reason I think that rating agency has a little bit of concern around ORIX is probably around the complexity of the business. Right? It's hard, at least for them to understand ORIX complexity of the various businesses we have, might be a part of the reasons, right? I don't know. I haven't really talked about with the S&P and Moody's direct yet. Hoping that we can actually clarify what exactly their concerns is, given how low leverage we are. I think one issue really is the difference between the principal capital you use and the fund level leverage. At a fund level, it's obviously ring-fenced from ORIX central capital. At the moment, you borrow at the center and you allocate out. Yep. That would probably make a big difference. For the moment, I think corporate loan borrowing is actually really cheap, given that mega banks really provide us really very cheap funding. Low leverage, but I guess cost of debt is pretty low. I think from a sort of a WACC perspective, it probably isn't that cheap. It might be. Next question. Jacopo. Thank you so much. You made a pretty incredible investment by taking Toshiba private with JIP a couple of years ago, and it's becoming a significant part of your asset base. It'd be interesting to know from you what the future plans are for- Can you speak a bit louder? Yeah. I'm sorry. It would be interesting to know from you what the future plans are for that asset, if you plan eventually to monetize it, and how you would redeploy the capital from such a massive and successful investment. First of all, the price of Kioxia up and down by 10% every day. I am not sure what is the fair value of them. The second point is that, we indirectly and effectively own the Toshiba stake via JIP fund, through JIP fund, 40%. Toshiba owns 16% of Kioxia. We effectively and indirectly own 2.25% of the Kioxia. We are the LP investor of JIP fund. We are not in a position to control and manage Kioxia's asset and force Toshiba's management to sell. As long as I know, Toshiba deems Kioxia's investment as financial investment. If you look back their activities since Kioxia's IPO, they used to own the 20%+ ownership of Kioxia. Nowadays, as long as I know, based on the public information, they own, again, 16% ownership of Kioxia. I expect that Toshiba is going to be dribbled down gradually, I don't know the timing and speed of sell-down of Kioxia. In the meantime, as of March of fiscal year 2026, because Toshiba's ownership in Kioxia went down south of 20%, Toshiba already changed their accounting treatment of Toshiba Kioxia to the sale of securities from equity accounting method and recorded a relatively big valuation gain based on the closing price as of March 31 at around JPY 90,000 per share. That 2.25% of such valuation gain will come to our P&L at Q1 because we consolidated our portion of Toshiba's net profit, three-month year basis. If you look at Kioxia's price at the end of June, the price was around JPY 90,000 per share. We're going to consolidate, contribute 2.25% of JPY 90,000 per share basis in Q2, it's going to be huge. Again, if you look at the chart of Kioxia, it's up and down every day. I don't know whether or not the GP partner is willing to pay dividend to European investors. Unless we get paid by dividend or principal correction, it's really a paper gain. I continuously communicate with IP and Toshiba and push them to sell as much as possible and as soon as possible. Again, unfortunately, I cannot control. Good things is that it's really a good asset for us rather than bad asset. At the end of the day, I think Toshiba is selling down everything because if Toshiba go public again, just 16% of bumping asset may be the bottleneck to goes in public. I expect they gradually are selling down at the end of the day, Toshiba pay a dividend to fund and fund pay dividend to us. Please, Theo first and then Ed following. Thanks. I think my question's for Suzuki-san. On the integration of ORIX USA and ORIX Europe, I guess, how do you practically incentivize employees to collaborate? It sounds very nice on paper, but in theory, how are you trying to incentivize collaboration across not just other funds, but also, of course, cross-border? Thank you for the question. Actually, my fundraising head is sitting over there, I want to ask him to answer, but not today. Actually, we have the series of the meetings between ORIX Europe and ORIX USA in terms of the collaboration regarding fundraising or distribution. First of all, we need to set, to be honest, how we're going to share the fees or how we can allocate credit. Secondly, what kind of expertise we need to place for the people actually visiting the investors and talking the investors, the gatekeepers. Also we are thinking instead of just specifically focusing on the investor who is looking at only public or only fixed income, rather we need to go beyond them. Who manage the entire diversified capital allocation from equity, fixed income, private credit, private equity, real estate. We need to recreate all the client base. Of course, we have already a strong relationship, but on top of that, we need to strategically build up the further or upgraded relationship with our target investors and the clients, which has been discussed, to be honest, this week. We had meetings this year and last year. We have a series of the meetings, more kind of strategy as well as sales team discussions. Again, yeah, we need to compensate the people. The first, how to compensate, secondly, what kind of resources we need to deploy, thirdly, what is the real target investors, and then title or positions. Those understanding need to be discussed further, but we are working together already. As I said, one of our clients, which is insurance companies. The public side and private side, we are working together. What's the best portfolio for that specific companies, specific investors? We keep the constant dialogue with many of the teams. Yes, from the beginning, I thought, "Oh, it's a public and a private." It's kind of a little bit difficult to manage all together and the totally different rotations. Flip side is there is no overlap, so it's more kind of room to corroborate and create further value going forward. Please give me little more time. I can show you the result. Ed. Thank you. Thank you very much. My question is on your asset management business, and I know you've made a number of acquisitions in building your asset management business. Do you still see any gaps in your asset management lineup? How important is size in your asset management business? Should we expect to see more M&A in that area? Thanks. Is that to me? To Terry? To me or to CEO? Maybe to the CEO or whoever is. I think CFO Masa is in a better position to answer. Whoever's best to answer. Thank you. Okay. Well, I guess you're talking about a pure, the traditional asset management business, right? As opposed to private assets. Yeah. you're talking about the Robeco- Robeco business, you've added- Yeah. Boston Partners and Harbor Capital and Transtrend and all that, right? It's all three. But- Okay I guess it's probably obvious one is U.S. fixed income, right? Right now or the years, we are looking for the opportunities in the U.S. fixed income, which is a natural extension, especially for Robeco. Historically, we understand that, for the European asset managers, get into the U.S. and become the winner is very challenging. However, of course, we are carefully looking at what we can do, not just simply the acquisitions, but maybe a partnership, or we're going to just get some part of the expertise in the U.S. for the distributions. Also, to accomplish that one, ORIX USA has the acquisition engine. The U.S. and ORIX Europe can work together and looking at the specific opportunities going forward. Of course, the acquisition needs a capital. Acquisition creates a certain intangible asset going forward, which has a certain impact on our future profit globally, on an accounting basis. We need to carefully look, study, and justify our investment. However, we are constantly looking at the opportunities, at this moment mainly in the U.S. for the acquisition on traditional asset management business. Just we've been opportunistically looking for some specific opportunity over the past few years. ORIX is basically a very price discipline acquirer, and we have never seen that chance that we can acquire at a reasonable price from my perspective. We continuously, opportunistically look for the opportunity to acquire something, especially in asset management area, because you are right that the size is the matter. A bigger size should be better. We opportunistically and continuously see the opportunity, again, we are very price discipline buyer. I think the goodwill is always, I guess, potential issue when it comes to acquisition of asset manager. Right. There might be some way to get around having all this goodwill, we'll see. Donald, on the left. Thanks very much. It's a question probably for Takahashi-san, although it's picking up on a comment made earlier by Yamada-san with regards to the credit rating, that perhaps complexity of the organization contributes to that. I suppose that my question is that, in your view, a fundamental misunderstanding of ORIX? So it's really about communication that you've done very well with today that solves that. Do you have some agreement with the complexity argument that over the next 10 years you have, in some ways, to resolve that? From my perspective, we have convinced S&P and Moody's that complexity/diversification stabilize our earning base during, especially, recession period. If you look back over the past 62 years history, it's not a penalty for us. For example, I can give you a good example. S&P has the key metrics called risk-adjusted capital ratio, and they basically penalize the investment amount of the equity accounting investment that we now own JPY 1.3 trillion on our balance sheet. The methodology, rationale of penalizing equity accounting from S&P perspective is that company cannot control equity investment well. When we make minority investment, we always get strong governance right and minority protection rights. It's not like what a typical commercial bank, let's say, commercial bank take minority stakes. Our investment style is so different, they apply the credit rating methodology of the banking industry. We are part of banking credit rating methodology. I think going forward, we're already doing so, but we need to more closely communicate with the rating agency and Yeah. Sorry, my question wasn't intended to be about your credit rating. Okay. It was more meant to be about the complexity. Of the business, because as you went through the business, I don't think one thing you weren't saying is that we're not going to be stopping doing things that we're doing today. Indeed, we'll be layering on top of that. I just wonder if you sort of feel that is the complexity of ORIX actually its fundamental strength, or do you see weaknesses in that? Oh, as I said in my presentation, diversification is our strength. Diversification itself is not our objectives. We just keep changing. We just keep adjusting and adapting to the changing world and transforming our business by diversification. Sorry, I misunderstood your questions. Masa, anything to that? No. No, I think the diversification is our source of strength, I guess. Yeah. It's part of the reason could be that a little bit of lack of communication with the rating agency. I think we need to do efforts to, I guess, have more frequent conversation with the rating agency. I don't think we're going to deny, I guess, what we have been doing and what we'll do in terms of the diversification of the businesses. In the back on the left. Can I get a microphone, Daisuke? Hi. Thank you. I guess this is a follow on from Ed's question a little bit, but targeted more at the private space. You've talked a lot about private assets, and you could argue that you're subscale in private asset management. I guess it's been a bit of a bumpy ride of late for private asset managers, I'm just wondering, they've de-rated. If you're looking to build a long-term business, is now not exactly the time that you should be preparing to be brave and maybe carefully step into those waters, acquiring assets or investing heavily in that space? You can answer that question. Masa. I didn't get it. Sorry. The question was, given the correction in public share prices of alternative asset managers and the de-rating of alternative asset managers, is now not the time to be brave in terms of M&A buying an alternative manager? I suppose, Masa, that you'd be best to address that. I guess you're talking about more of a bottom fishing. Sort of contrarily, I guess, act or move when the market is down, we actually buy it on a contrary basis. I guess I'm not so sure whether we want to buy the companies, or rather, I think we should go in individual assets of the private assets as opposed to going for the company as a whole. Given that we have really narrowed down the areas of private asset that we actually, I guess, go after, especially in OCU. Sorry, OCU meaning the ORIX USA domain. As long as actually the company as a whole actually fits to that, I guess, in the growth area that we are targeting, then I think it might be the case that we actually buy it at the bottom. I don't know whether you call it bottom to today's or not, I think we would rather go for the asset base as opposed to the company. James. Middle, in the back. Thank you for the presentations. The 15% ROE aspiration is an admirable target, but nine years is a long time. What could happen to make that target come more quickly or even delay it within your control or the environment? Thank you. It's a good question. Two things. One is that it's really a matter of a portfolio allocation among we categorize our businesses into three categories, finance, investment, operation. What I'm trying to say is that it's really a matter of portfolio allocation among finance, investment, and operations, meaning average ROE of finance categories like, let's say, 10%. Depending on the goodwill or intangible asset, the ROE for operation can get 20% because it's not a capital intensive business. Investment category ROE is up and down depending on the recording capital gain. Average basis, we expect to get, let's say, 15%. We intended to allocate surplus capital and released capital like ORIX Bank from finance category. We allocate such capital into investment and operations. It's going to take some time. If we can make best mix of allocation, capital allocation among our three categories, I think we can get the 15%. That's one thing. We don't intend to shrink our balance sheet, we aim to increase AUM more, we aim to increase fee-for-services revenue more and more. These type of businesses we call asset-light fee income business model. Increasing proportion of fee income that Masa presented, we can get more higher ROE. Combining portfolio optimization among three categories and increasing fee income, I believe that we can get the 15% ROE by, not at, but by 2035. That's our aspiration. Great. We have time for one more question. Olivia. Thanks so much for the presentation. What's your commitment to ORIX Life Insurance? Well, it's a frequently asked question. At least nobody knows what's going to happen in the future, but at least we discuss a lot, actually, among top management. At least we don't have intention to sell ORIX Life in the near term. We have mainly three reasons. One is that if you look at the historical track record of their growth, it's great actually. FY 2025 March, their net profit before tax was like JPY 74 billion, versus FY 2026 March, they generated more than JPY 100 billion net profit before tax. If you look back 10 years ago, they only generated JPY 30 billion, more or less, net profit before tax. Their growth is much, much faster than other insurance companies, thanks to their strong products and thanks to their capability to make a higher return from their investment. That's number one. Number two is that we started to utilize their insurance float, long-term liability, as much as possible, matching to our alternative asset and also public asset managed by Robeco. We could utilize Life as business as what KKR do with Global Atlantic and Apollo do with Athene. That's number two reason. Lastly, ORIX Corporation and Japan and APAC Business Unit is their largest insurance broker to ORIX Life. We have a certain sales synergy between ORIX Life and ORIX Corporate Services business. These three reasons are good enough to hold ORIX Life in near future. Again, nobody knows what's going to happen in the future. To add a little bit on that, given that we have announced or have told you that ROE target of 15%, and also given that current, I guess, ROE of life insurance operation is 7.3%. Surely drag to the target. As Hideki-san mentioned, there are business synergies, but also there's actually a few things that we can actually try to pump up the ROE of life insurance operations. For example, you could potentially set up the captive reinsurance vehicle in either Bermuda or Cayman, and try to actually be more efficient, capital efficient for the operations. You might be able to actually take a little bit of more risk on the balance sheet of life insurance operations. The point is, to the extent we can actually pump up the ROE by doing all those, implement all those various new measures, and hoping that we can actually get to the double digit at least. If you actually can get to the double digit of the life insurance operation, you will have a good reason or justification to actually own it within ORIX Group, given that life operation actually really gives stability to the system, right? To the entire ORIX business portfolios. We'll see where we get to, right? The ROE of life insurance operation by, in few years time, as in after, as a result of adopting various measures. If I can go back to the previous question, how to get the 15% ROE. There are two options to get 15% ROE much earlier timing. One is just selling the lower ROE asset, that's it. The second option is to lever more. We intended to grow the business. We do not intend to shrink the business. That's the reason why we aim to increase ROE to the 15%. We also set the target of net income of JPY 1 trillion. That means we continuously to grow, and as I said in my presentation, we aim to grow the numerator to get the high ROE. That's quite important thing for us. Great. That concludes this part of the program. I'd like to again thank all of you for joining us. The executive team will be around through 6:00 P.M., and I think we have some wine and hors d'oeuvres at the back of the room, so I hope some of you will be able to join and interact with them. Again, we sincerely appreciate you joining us today, and thank you. Thank you. Thank you so much.