All investors, thank you very much for waiting, and thank you for joining the financial reporting conference for the second quarter of FY 2024 of Daiwa Securities Group. It's time, so let's start. From Daiwa Securities Group, today, Mr. Yoshida, Executive Managing Director and CFO, is joining. I am Nakamura. I am Division Head since October. Nice to talk to you all. So first, we will start with the presentation of the Q2 FY 2024 results from Yoshida-san, and then we will take questions after that. Please be reminded that this call is also arranged accessible for retail investors by the internet. So let us start. I am Yoshida of Daiwa Securities Group, Inc. Thank you again for taking time out of your busy schedules today to attend our conference call. Let me now turn to the financial results for the second quarter of fiscal 2024, which we announced today. I will explain in accordance with the presentation material posted on the company's website. Let me start from page four. I will first provide a summary of the consolidated financial results. Percentage figures are compared with the Q1 of FY 2024. Net operating revenues were JPY 161 billion, up 8%. Ordinary income was JPY 72.8 billion, up 93.1%. In the wealth management segment, asset-based revenues grew, and steady progress was made in the wealth management business model. Wrap account services continues to maintain high levels of contract amount as well as net asset inflow from the previous quarter. In the asset management segment, ordinary income reached a record high. In Securities Asset Management, fund continued to generate net growth centered on active funds. In Real Estate Asset Management, AUM expanded, centered on residentials. Alternative Asset Management recorded a significant increase in profit. The Global Markets and Investment Banking division reported an increase in revenues and income. In Global Markets, equities revenues increased due to strong institutional businesses. FICC revenues declined, but earnings recovered, especially overseas. Global investment Banking recovered. In addition, gain on negative goodwill related to the acquisition of Aozora Bank shares and the application of the equity method is recognized in ordinary income as non-operating income. Profit attributable to owners of the parent was JPY 53.7 billion, up 124.2%. Annualized ROE was 13.9%. Interim dividend hit record high, JPY 28, and payout ratio was 50.6%. Moving to page eleven. Here is the P&L statement. Commission received amounted to JPY 98.3 billion, up 5.3%, and its breakdown is on page 24. Brokerage commissions dropped to JPY 21.1 billion, down 8.5%, due to a decrease in stock trading volume. Underwriting commissions amounted to JPY 10.9 billion, up 29.9%. Distribution commissions were JPY 4.9 billion, a decrease of 24.3%. M&A-related commission amounted to JPY 11.8 billion, up 37.6%. Net gains on valuation and investment securities increased due to capital gains from private equity. Non-operating income increased due to equity in earnings of affiliates, including Aozora Bank. On page 12, let me now explain the status of SG&A. SG&A were JPY 119.4 billion, up 4.7%. Trading-related expenses increased in advertisement and the commissions paid. Personnel expenses increased in salaries due to wage hike and the performance-linked bonuses. Now, let's move to page 14. I will explain the overseas operations. Ordinary income for the overseas business total 4.6 billion JPY, up 103.6% Q on Q. In Europe, revenues and earnings improved Q on Q, mainly due to a recovery in equity primary and M&A revenues. Asia and Oceania enjoyed solid profits, with high growth of profits from strategic industries and the primary income. In the Americas, customer order flows increased at FICC, resulting in a profit growth. Next, I will explain the performance by segment. Please look at page 15. So this is the income and expenses of the Wealth Management division. Net operating revenues were JPY 60.6 billion, down 3.1%, and ordinary income was JPY 15.9 billion, down 22.1%. Although flow revenues declined due to more uncertainty in the market, our transition to wealth management business model, which we are driving, has made a steady progress, and wrap-related revenues and the agency fee for investment trust increased. Asset-based revenues totaled JPY 27.8 billion, or JPY 111.2 billion on an annualized basis, and the Wealth Management division ratio to net operating revenues was 52.7%. Wealth Management division's ratio to fixed costs was 104.6%, and its ratio to total expenses was 68.5%. Page 16 shows the Domestic Wealth Management division. It's the status of sales and distribution amounts by product and the topics for the quarter. As for wrap account services, contract amount was JPY 239.5 billion, and net increase was JPY 156.3 billion. In Stock Investment Trust, as a result of making proposals to meet customer needs, we sold a wide range of products, mainly U.S. growth equity funds and Indian equity funds. The lower left-hand side slide shows the sales and distribution and net increase ratio of wrap account service and the Stock Investment Trust. The net increase was 39.8%. Please see page 18. Next, Real Estate Asset Management. Net operating revenues were JPY 14.3 billion, up 5.5%, and ordinary income was JPY 7.1 billion, up 7.5%. For the Securities Asset Management, net operating revenues and ordinary income were record highs. Please turn to page 19. Let me explain Real Estate Asset Management. Net operating revenues were JPY 9.1 billion, up 29.7%, and ordinary income was JPY 9 billion, up 133.6%. Fees of Daiwa Real Estate Asset Management was up, driven by property acquisitions and replacement for potential rent increase by Daiwa Residential Private Investment Corporation and the Daiwa Securities Living Investment Corporation, aiming at profitability improvement of the portfolio. Daiwa Securities Realty booked gains on sales of residential properties held for mainly warehousing purposes to REIT as planned. AUM of Real Estate Asset Management topped JPY 1.5 trillion. Please turn to page 20. Let me explain the Alternative Asset Management. Net operating revenues were JPY 5.7 billion, up 85.8%. Ordinary income was JPY 8.4 billion, up 972.5%. Daiwa PI Partners achieved an increase in capital gains on exits from investments in private equity. Income of Daiwa Energy and Infrastructure increased, driven by capturing profits and losses of equity affiliates and dividends income from infrastructure investees. Please turn to page 21. Lastly, I will explain Global Markets and Investment Banking divisions. Starting off with Global Markets, net revenues were JPY 36.3 billion, up 0.3%, and ordinary income was JPY 6.6 billion, down 5.4%. With regards to equity, revenue increased with momentum of high levels of customer flows on the back of high interest of institutional investors in Japanese equities. FICC revenues decreased. Domestic FICC revenues declined, while we struggled to manage positions due to sharp decline in domestic interest rates. However, needs to grow assets in foreign currencies from wealth management clients continued to be high. Foreign sovereign bonds performed well, and foreign currency credit maintained high levels. Overseas revenues were up due to increase in customer flows in the United States. Please turn to page 22. Let me next explain the Global Investment Banking. Net operating revenues were 19 billion JPY, up 28.2%, and ordinary income was turned into positive 1.1 billion JPY. With regards to equity underwriting, it is an increasing trend Q on Q, and debt underwriting revenue was down Q on Q, yet maintained high level. M&A revenue was up, with solid trend both in Japan and overseas. This concludes my explanation of the results in the second quarter of FY 2024, so let me make some closing remarks. Ordinary income of JPY 110.6 billion was the record high since 2000 as a half-year income. This gives me great confidence that our strategy is steadily making progress. Base income comprising of wealth management, securities, and real asset, Asset Management Divisions were JPY 63.1 billion, up around 30% year-on-year. Sources of base income are assets under custody and assets under management, and a solid profit, which is a base for consolidated performance. It is one of the most important KPIs for our group on the consolidated basis. In particular, Asset Management Division achieved a significant increase in AUM with continued momentum of capital inflows on the back of the shift to investments, such as New NISA. Real asset management achieved both increase in AUM with strategic asset inclusion into REIT and continuous capital gains, which contributed to grow base income. Furthermore, in the base income, profits from Global Markets and Investment Banking, Alternative AM, and equity profit from our banks have been added. As a result, we generated the highest half-year profit since the first half of 2000. We were able to deliver dividend of JPY 28 per share, the record high dividend. August and September were highly volatile months, both in equity and bond markets. In particular, since August fifth, when Nikkei recorded the biggest decline, we increased communication with customers. We tried to explain the market trend more in detail and be consultative with customers, and the customers trusted us for that in many cases. Therefore, although the magnitude of the market decline was actually large, our customers overall were very calm. They kept composure. We'd like to continue to talk with them about the importance of asset building and asset management in the medium to long term and importance of the diversification of investments. Looking at what's happening now in October, we are off to a good start in our group. In our securities wealth management, we saw good momentum of the amount of purchases and net increase of Fund Wrap. Equity income is showing improvement from the difficult levels in August and September, and now it is at the same level as the last quarter overall. In the market division, we are seeing good pace with equity, which is about the same as last quarter and seek surpassing the last quarter, driven by overseas. In addition, real estate and Alternative Asset Management are seeing the progress on project with appropriate returns in the second half. On the back of upcoming U.S. election next week and further geopolitical risks, the market continues to be highly volatile. As a possibility, now is a time when we are required to work towards maximizing customers' asset values. In any type of environment, what we should do as professionals remain the same. Without being swayed by short-term moves, we should be thoroughly attentive to customers' needs and issues and provide appropriate information and solutions, which we will continue without wavering. This, we believe, is the essence of maximizing customers' asset values. Our group is to pursue honestly the good cycle of these initiatives, leading to trust we garner from our customers, which will be reflected in the results such as AUM, AUC, and the base income, and meeting expectations of our shareholders. I ask for your continued support to us. This concludes my explanation. Thank you. This completes the presentation from our group. Next, we'd like to move on to the Q&A session. For today's conference, we have the simultaneous interpretation, so you can ask questions in English as well as Japanese. Both languages, if you have questions, please press asterisk one. To cancel your question, please press asterisk two. For the Q&A session today, we are going to receive questions in Japanese first, followed by questions in English. When your name is called, please state your question. Now the line is open for your questions. So first question is from SMBC Nikko, Muraki-san. Muraki-san, please go ahead. This is Muraki of SMBC Nikko. I have two questions. One is about the wealth management division. You had explained that the talking about the sales and also the income related to that sales. The volatility is increased, so August and September, the investment trust sales was weak. But down the road, the volatility level and the weakness in the income, how would you look at that? Can we get some a color of how you look at that? Well, the month of October, probably according to your explanation, in terms of the revenues, probably that's gonna be around the level of the average of the last quarter, better than August, maybe on the average of the last three months.... I think the recovery is back to that ordinary, that average level, so that the sales and the revenue trend is hovering around the same level and an average level of the company's average of the last months. That's my first question. The second is about your capital policy. Talking about the capital that you have in the bank, you have also demonstrated that level, and now you have decided to postpone the buyback. I'm sure that you have had the internal discussion. So what kind of discussion you have had, and as a result, you have decided to postpone the share repurchase? You have had the strategic investment like Aozora Bank. Do you have a rich pipeline for the investment like that? Is that the reason why you made the judgment for the buyback, or could you provide some of the underlying reasons of how you're looking at for the future? Thank you very much for your questions. First question about the wealth management business. As you say, the second quarter, July, where the asset inflow from the client side, it has been quite smooth. It's probably comparable to the level of the Q4 of last year or a little short of that. August and the September, there's been a big change in the market, so that the flow, the net flow has declined. But as the financial reporting material shows, the current year's first half, the net asset inflow has been very high, probably the first time in the last seventeen years. Even under the current market conditions, we think we got the trust from the customers, so that they've given an inflow of their asset into us, so our consulting and the offering, we think, we've been assuring and demonstrating our skill and the capability of meeting the needs of the clients, so Fund Wrap, the investment trust, those asset-based revenue expansion coming from the asset base have been showing the uptrend, and regarding the net inflow, with the August, we have had the stock price decline, really a big one in the record price, and the transaction volume has been quite big. But entered into the Obon holiday season, Prime Minister Kishida had made the speech, and then President Biden in the U.S. also made the speech of the stepping down. So because of those uncertainties in the U.S. and in Japan, clients have had some movement to think a lot differently. So for example, in the Fund Wrap, the new customers' contract amount, and also the people who want to pile up and accumulate the amount, those are the two cases. Normally, the accumulation is 60% and the new is 40%. But it seems that in recent months, there are some number of customers who just want to wait and see what is going to happen in the market. In the funds or the wrap business, we could say the same thing, so that has led to the current result, as we see. In the second quarter, well, this month is already over by two-thirds already. The October level is perhaps the level of the second quarter. We have been very keen to the wealth management business model, and it's an asset base, and the net increase is continuously quite solid. Moving on to your second question about the capital policy. Our basic policy in our group, we are looking at the payout ratio of 50% or more, and then within the current midterm plan period, we wanna have the JPY 44 per share dividend at the bottom. And for the beat, for the buyback, we want to talk about the pipeline for the investment, financial, terms and the stock price, the market conditions, and so on. We are comprehensively making the decision, and we have made the discussion in the second quarter. But in the first half, our ROE is over top 10%, but we're gonna have the further growth. And the inorganic opportunities, we will see quite practically, inclusive of a lot of calculations and so on. We are thinking a lot of a variety of things as an option. Well, as a concept, we wanna have the customer base to expand, and something that we want to complement the function that we currently do not have, those are the areas that we want to think about the inorganics. In the first half, we have an equity method related non-cash revenue coming from the equity method, Aozora Bank related equity shares or developer funds. We have received some income, and that was one of the reasons that we have had the good results. So continuously, this we wanna have a good balance between the shareholder return and also the future growth of the company for the spending. Thank you very much for your questions. Thank you very much. Mr. Muraki, thank you so much. Next questions are from Nomura Securities, Sasaki-san. Mr. Sasaki, please go ahead. Hi, Sasaki from Nomura Securities. I have two questions. First, relating to the performance of the first half, I'd like to know in more detail Daiwa Securities Realty, gains on sale, and also gains on sale of alternative assets, and negative goodwill relating to the acquisition of Aozora Bank. Would you please give me those numbers? That's my first question. Thank you so much. Let me answer the third item first. Negative goodwill associated with the acquisition of Aozora Bank. This is non-operating P&L, equity investment equity profit, which is 21 billion JPY negative goodwill. The rest of the items, the gains on sale of alternative assets and gains on sale of properties relating to Daiwa Securities Asset Management, to the first item and second item, I would like to refrain from disclosing the number, but for both items, it's within a few billion JPY. Those are my answers. If you add them together, is it going to be around six billion JPY, seven billion JPY for item one and item two? Yes. If you add two a few billion JPY items, yes, it will be six or seven billion JPY. The second question is related to your business itself. In your presentation material from JPI, you got entrusted about one billion one trillion JPY assets entrusted by JPI to you. Have you signed any investment or asset management contract with them, or currently, are you running the asset management business with JPI? And also, although you did not explain, but in general, Japanese companies are trying to unwind cross-share holdings, and is there any gains associated with that in Q1 and Q2? How much gains are you benefiting from this movement of Japanese companies selling strategic, highly held equity stocks? The first question, Japan Post Insurance assets entrusted by them to us, we'd like to refrain from giving you the details about the contract format. To your second question, would you please wait for a moment? For Q1 and Q2 gains, profits associated with selling of strategically held equity stocks, through income from that, we didn't have many large blocks of those trades, so in the presentation, every time, we put a table, but unfortunately, the amount associated with that this time was quite small. In Q3 and Q4, we have a quite promising amount of the pipeline, so as those projects get closed, we expect more gains, profits. Understood. About Japan Post Insurance, so is it going to increase AUM of Daiwa Asset Management, or is it just them outsourcing the asset management business to you, will that not increase your AUM of Daiwa Asset Management? Thank you. For this arrangement, this will increase AUM of Daiwa Asset. So through this type of initiative, investment advisory business has been the weakness for the Daiwa Asset so far. So through the investment for these clients, I would like to accumulate know-how, and also would like to exchange human resources so that we can get assets entrusted by companies other than JPI as well. So we'd like to promote this type of collaboration. Understood. Thank you. Okay, let's move on to the next question. UBS, Ms. Tsujino. Ms. Tsujino, please go ahead. Okay, thank you very much. First question is about buyback. This time, well, as you mentioned, you decided not to do the share repurchase, but repurchase that in the second half. Assuming that you're going to make a decision to do the buyback, what is going to be the trigger for you to make that decision? What is needed for you to make a decision to do the buyback within the current fiscal year? That's the first question. Well, I have three questions in total, but the second is about the Alternative AM on page six. You were talking about the income and also the operating profit, the breakdown on page six. The Alternative AM is included here. Compared to Q1, the increase in the net operating revenues and the ordinary income, those two are not that in parallel. So what is not included in the ordinary income, and where did you gain more on the net operating revenues? Because in Q1, were there anything that was in a sense, negatively hit, like, valuation losses, which you probably had the reversal gain, that became like a reversal gain that you were able to enjoy in the Q2? Because this, the movement of the figures are really irregular. So I was just wondering why there's such a big fluctuation from Q1 to Q2. The third question is, that's the investment banking commissions for M&A, for example, the level is quite high. In Q1, however, it dropped to about JPY 9 billion plus, and now it's over 10 billion. Now, considering today's pipeline, the second quarter, Q3 and Q4, well, Q1 was low, but the Q3, Q4, is it going to be higher, assuming that the Q2 was over JPY 10 billion? So is that JPY 10 billion level going to continue into the second half? Okay, thank you for those three questions. Question number one, regarding the share repurchase. Well, as I briefly mentioned, we wanna have the financial soundness. First of all, it's rating for our company, the group company, and that's gonna be relating to the growth pipeline. We have to look at the probability of how realistic that is for us to work on those pipeline and also the investment pipeline, the probability, and also the performance environment, the laws and regulations, environmental changes. All of those things have been taken into consideration. So the clear scenario of what needs to happen, it's hard to say because we look at the comprehensive manner, holistic manner. So the second question, Alternative Asset Management, the posting or the recognition of the operating revenues, the line items are quite different. Well, this time, the items that does not getting included in the revenues, but it goes on to the ordinary income. For example, there's been some gains that we have had from the equity methods. That was included in the profit side, but not on the op revenue side. So that looks quite unparallel. And also, well, this was coming from the accounting method. And the third question about the M&A outlook for the future or how that is going to hit us positively. As in pipeline, third quarter, fourth quarter, domestic and overseas, compared to last year on the absolute yen basis, 10% or 20% increase is expected. We are hoping to close the deal within this current fiscal year. Sometime in winter or spring, that normally happens, the closing normally happens in overseas cases. I'm not saying that that is going to happen for this year. However, we have expectation that is going to happen, so that we'll be able to exceed what we had demonstrated in the past. Thank you very much for your questions. The equity method investments on the alternative that you have had. In the second quarter, did you have any extraordinary factor, or do you think this level can be expected to continue down the road? From now on, we are expecting the growth in the revenues. However, depending upon the exit format, it could happen on the revenues, or it could happen on the gains from the equity method. There could be a variety of patterns, I think. Okay, thank you for your answers. Ms. Tsujino, thank you so much. Next questions are from SBI Securities, Otsuka-san? Please go ahead. Hi, Otsuka from SBI Securities. Can you hear me? Yes, we can hear you. Thank you. I have two questions, so I'm going to go one by one. Page twenty-seven, on the right-hand side, the retail inflow and outflow, I'd like to get more clear on that. You touched upon this a little bit earlier, but, this is net. Outflow is netted in this number. But on page twenty-six, if you look at the trend on a quarterly basis, the number of wrap accounts, is not really showing such a strong growth, which indicate in Q2, existing customers really, contributed to the inflow. Would you please explain, the background and the reasons and the drivers for this inflow? The market declined, so it seems like they are putting more capital to work when the price declined. Otsuka-san, thank you. As you exactly pointed out, asset inflow, assets flowed into us are not new customers, but from existing customers in most of the cases. We garnered trust from customers. That's why they are entrusting large amount of assets to us. It's not immediately after opening the account, but after so many years after they opened the account with us. They started to trust us, and they tried to entrust a larger amount of assets to us. The number of accounts and asset inflow do not match on the real-time basis as a trend. The market declined in August, so we see some inflow associated with buying at the dip. So for bond investment, Daiwa Group has Daiwa Next Bank, who has the deposit solution, and we are offering somewhat higher rate on the deposit. And also those customers are buying Fund Wrap as well. So we have varieties of products that we can offer to them. Page 27, on the right-hand side, this is the retail asset. On the left-hand side, you see the corporate asset inflow as well. So as you can see on this graph, for the past two years, it's been net increase of the asset inflows from the corporates. Now, we have the positive interest rate in Japan, so they are trying to figure out where to put their money efficiently. So Daiwa Securities has the nationwide network, so we can serve corporate clients with varieties of products. So through those efforts, asset inflow has been increasing. Thank you so much. Second question is exactly related to what you have just mentioned. Page sixteen, this, the amount of purchase as an actual number on the QMQ basis, it has declined. So is there any money sitting on the sidelines waiting to be deployed? Thank you so much for your question. So it's not really the money sitting, waiting. We don't think that. Deposit or securities? If it's security, it's fixed income or investment fund, or stocks. In Q2, for the flow, marketing, for both investment trust and equities, the flow has increased, so the amount of activities has increased, which really pushed up the flow, inflow. So there is no money which has influenced yet, sitting on the sideline. There's no such money sitting on the sideline. Did I answer your question? Yes. Going back to the first question, so since the opening of the account up until the actual money deposited, in Q2, Q1, JPY 170 billion are net inflow. So regardless of the market environment, is this the idea of the level that we can expect going forward? Honestly speaking, even in this quarter with high number, I don't remember seeing this high level in the past, so can I expect this high level to continue? Thank you so much for your question. We have asset inflow mainly from existing customers, as I said, but, we have about 3 million accounts with the existing customers, so most of the inflow is from the existing customers. With regards to new customers or new inflow, we are trying to establish a pretty worthy relationship with the new customers so that they can entrust larger amount with us. Mostly, the majority is coming from the existing customers. No, what I wanted to ask you was more than JPY 100 billion per quarter. This is a net of inflow and outflow. Can I expect that to continue? Yes, I think it's possible, because we are actively proposing better solutions to them, so this is reflected in this number. I think we can achieve this level or even higher level than this in the future. But in the case when they withdraw, then in some cases they leave us, but sometimes they leave us because they pass away, taking out money from us. So by having a good relationship with customers, I would like to see the net increase surpassing the outflow of customers leaving us who are passing away. So we'd like to continue this level in the future. Understood. Thank you. Mr. Otsuka, thank you for your questions. Next question is by JP Morgan. Arai-san, please. Arai-san, please go ahead. This is Arai of JP Morgan. Thank you. Can you hear me? Yes. Yes, please go ahead. Thank you for your presentation. I have two questions. One is about costs. In the past, when you had the strategic meeting, you were talking about IT investment that is going to increase and also the further cost reduction. So when we look net, the cost is going to increase on net-net. But, the current status, you're working on the cost reduction and then IT investment. I want to just know the progress of both side. When we look at the recent case, the GM top line and the management, wealth management, I think the cost increase is bigger than the cost reduction. So if you could give me some color on it. The second question is, well, Japan and US, basically in a political phase, I think the macro is becoming much more uncertain. With that, the equity capital buffer, you may probably need to have it in a conservative manner. So how would you think about the capital? Which level you want to maintain, if you could make some comments on that. Arai-san, thank you very much. So your question number one, regarding expenses or the cost. First of all, basically, this cost control we have is quite important strategically speaking, and that hasn't changed. The cost of management will have to be within our hands. In the meantime, though, the business growth, in order to grow our business, we need to have a good human capital, the good talents that's important to retain. For that purpose, the wage hike has been taking place, and then performance-linked bonus is probably expected to increase continuously. Also, the strategic IT spending will be important to continue. So AI or ChatGPT, those new technologies will be utilized, and we are actively using those technologies. So continuously, the cost and expenses is likely to increase, but. This is for securing our competitive edge for other domains, like non-core businesses or non-competitive domains, the cost of control is going to be increasingly important, so we need to, of course, enforce, reinforce that. Even though the business expanded, we have to make sure that the admin people or the back office does not expand in the same proportion. Well, and also the Daiwa Securities back office or the branch office is the same, but we're gonna be trimming down our organization so that we're gonna shift and focus on the front areas for our spending more. So in the future, office space will be reviewed and also the fixed line telephones will be all shifted to, for example, the smartphones. We wanna work on those things without losing any room. We're gonna just try to turn all the stones, and the second question, well, our consolidated capital base is over 20% right now. Well, internally, our risk appetite is 18%, so the required level is a risk buffer of 11% plus 3%, that's 14%. And also the Basel III finalization impact is expected to be 4%, so 18% is something that we think we will need to have. Well, increasing the buffer from there, from 18% is unlikely, but we don't think our current capital is in excess. Okay. Well understood. Thank you very much. Thank you so much, Mr. Arai. Once again, if you have questions, please press asterisk one. Anybody wanting to ask more questions? Next questions are from Bloomberg, Ban, please go ahead. Hi, I have two questions. Earlier, you talked about alternative asset exit gains. In the second half, you mentioned that you would expect sizable gains in the second half as well. So would you please give me the level per quarter? So, for example, the level of exit gains in the second quarter is going to be about the same level that you expect in the second half of the year, or is it going to be higher or about the same compared to the level of Q2? That's my first question. My second question, wealth management, Daiwa Next Bank, in Q2, the performance has improved. Is it driven by deposit, net interest income? What are the drivers for the good performance of the income, Daiwa Next Bank, in Q2? Thank you so much for your questions. To your first question, in the presentation document, Real Estate Asset Management, page nineteen, and Alternative Asset Management, that's page twenty, and for both pages, at the bottom on the left-hand side, you see the annual ordinary income. And because of the characteristic of this business, there's always volatility per quarter, but if you level off the profitability for the whole year, for both businesses, ordinary profit is on that increasing trend. So as a result of our business activities, the timing of booking the gain varies, but throughout the whole year, steadily, the ordinary income is on the increasing trend. I would expect this momentum to continue in the real asset, Real Estate Asset Management and also Alternative Asset Management. And, that's why I said that I would expect sizable profit going forward. In terms of the level of the profit, there are counterparties involved when we exit, so in some cases, we cannot exit always as planned or as scheduled, so I'd like to refrain from giving you the specific figure. Understood. To your second question, Daiwa Next Bank profit drivers, 5 trillion JPY asset base, and also in July, due to the rate hike of BOJ, yen interest rate increased, so investment yield in yen has improved. And also, net of deposit costs, yen yield in assets increased. And deposits from customers, there's always a time lag between improvement of yield in yen assets and deposit costs increase, so that's why the profit has increased. But in terms of the yen interest rate trend and competitive landscape, the performance may be influenced by that, but as we talked about earlier, there's increase in the inflow of assets, and a part of that is allocated to Daiwa Next Bank. So as we accumulate more AUMs, we are doing our best so that Daiwa Next Bank profit improves in the future. Understood. Thank you so much. Mr. Ban, thank you very much for your question.