This is Sato of Daiwa Securities Group. Thank you very much for joining our telephone conference today despite your busy schedules. Today, we released our financial results of the first quarter of FY 2021. I now explain the results by following the earnings announcement material uploaded on our website. Please turn to page four. This is consolidated financial summary. The percentage of change is a comparison to the fourth quarter of FY 2020. Net operating revenues were JPY 126.7 billion, up 1.7%. Retail division revenues decreased, while equity revenues decreased due to the market correction, investment trust, and wrap-related revenues increased. Wholesale division saw revenue decline. In global markets, lower volatility in bond market caused FICC revenue decline. In global investment banking, equity underwriting and M&A revenues fell, but with the contribution of several large deals, debt underwriting revenue increased. In Investment Division, Daiwa Energy and Infrastructure had income gain and capital gain, leading to the division's revenue growth. Ordinary income was JPY 34.9 billion, down 1.7%. Net income attributable to owners of parent was JPY 23.5 billion, down by 53.4%. Annualized ROE was 7.1%, and BPS, JPY 866.74. Please turn to page 10 for P&L summary. Commission received was JPY 77.3 billion, down 5.3%. The breakdown of the commission received is on page 23. Transaction volume of domestic equities fell, thus brokerage commission was JPY 18.6 billion, down 23.1%. Underwriting commission was JPY 10.5 billion, up 44.1%. Distribution commission was JPY 6.2 billion, down 3.5%. M&A related commission was JPY 7.9 billion, down 25.5%. Other operating revenue and other operating expenses decreased compared to the previous quarter, during which period, the full year impact of SBC consolidation was included. Non-operating income shrunk compared to the previous quarter, during which period we benefited from equity method investment gain related to hybrid business and gain on investments in partnerships. Please turn to page 11 for SG&A. With the decline in personnel expenses, SG&A landed at JPY 94.8 billion, down 5.1%. Decline of personnel expenses came from earnings-linked bonuses. Among real estate expenses, system equipment cost, and insurance premium fell. Office costs decreased in the system-related outsourcing fees. Now, please turn to page 13 for overseas operations. The ordinary income totaled JPY 1.4 billion, down 73.4% from the last quarter. In Europe, M&A business was good last year, but this quarter, its revenue fell and both equity and FICC struggled. Asia/Oceania made a high level of profit despite a revenue fall due to Asian equity revenue decline. Americas had M&A revenue growth, but FICC revenue decreased with the falling volatility of interest rates, and the region recorded revenue decline. Next is segment information. Let me start from Retail Division on page 14. Net operating revenues recorded JPY 47.3 billion, down 4%, and ordinary income was JPY 10 billion, down 11.6%. Equity Revenue was down as Japanese equity trading volume shrunk. Fixed Income Revenue was down as the sales of structured bonds were down. Investment Trust Distribution Commission was flat. Investment Trust Agency Fee rose with the increase of average AUC. Third Line of Other increased as investment advisory and account management fees of wrap-related revenues increased. Please move on to page 15 for sales and distribution amounts by products of Retail Division and other topics of the quarter. Sales and distribution amounts of wide range of stock investment trust increased, including products that mainly invest in ESG and SDGs related stocks. As for wrap account service, with the rise of contract amounts, the contract AUM as of the end of June hit a record high of JPY 2,701.9 billion. Now please refer to page 16. I will now explain the result of our wholesale division. First, the global market. Net operating revenue was JPY 31.6 billion, down 26.5%, with ordinary income at JPY 7.7 billion, which was down 56%. Equity revenue was down due to decline in customer order flow for Japanese equity. FICC revenues for both Japan and overseas were down. In Japan, customer orders flow for credit was firm, while JGB struggled. In the U.S., revenue generation opportunities were reduced due to decline in interest rate volatility. Please turn to page 18. I will now explain about our global investment banking businesses. Net operating revenue was JPY 15 billion, down 9.1%. The ordinary income was up 21.5% at JPY 3.1 billion. As for equity underwriting, we acted as the global coordinator for Renesas Electronics public offering, the largest deal in the first quarter. As for debt underwriting business, we won the lead managing role, including SoftBank Group Bond. We also managed many M&A deals in both Japan and overseas. I will now move on to page 19. Let me now share the result of our asset management division. Net operating revenue was JPY 17.3 billion, up 29.9%, while ordinary income was down 0.6% at JPY 10 billion. Daiwa Asset Management's revenue was up by securing net capital inflow in stock investment trust that led to increase in average AUM during the period. Although Daiwa Real Estate Asset Management AUM grew, the revenue was down due to decrease in property acquisition fee. Please turn to page 21. Now the investment division. Net operating revenue was JPY 2.7 billion, with ordinary income at JPY 1.8 billion. Daiwa Energy & Infrastructure posted income gain as well as capital gain from sales of solar power station and other assets. This concludes the briefing on the financial results of the first quarter of FY 2021. Both equity and fixed income market reflected the view that the financial market that had been expressing the future of a crisis response to the COVID-19 pandemic was to come to an end. Coupled with a split and conflicting view to the economy, the market direction remained uncertain. Despite of such difficulty, we managed to post JPY 34.9 billion in consolidated ordinary income, amid a promising start of the new midterm management plan. Investment banking division and investment division expanded their businesses, compensating for the slowdown of market divisions and displayed the collective strength of the group. As for the retail division, although the trading value of the two Japanese markets was down by 20% as compared to the previous quarter, we managed to generate JPY 10 billion of ordinary income for the two consecutive quarters. As a result of taking time and care in proceeding with initiatives to transform our business to a wealth management business model, our propositions to customers became more relevant, reflecting their needs and attributes, and resulted in customer satisfaction enhancement. In addition, our cost structure reform is in progress, making the business leaner and meaner. Now, as for the month of July, retail customers are becoming more active in anticipation of the post-COVID period. The demand is particularly strong in fund wrap and stock investment trust, driving the sales level to a height comparable to the first quarter. As for the wholesale division, more than ever, businesses are increasing their motivation to take some form of corporate actions. The trend is especially prominent in global M&A and domestic ECM, allowing us to enjoy the record high pipeline for the entire investment banking division. We will strive to seize every such opportunities and accelerate our effort to transform our business to wealth management business model and to expand hybrid business so to build a solid profit model that is least affected by the market conditions. We would appreciate your continued support and cooperation. Thank you.