This is Kotaro Yoshida from Daiwa Securities Group, Inc. Thank you very much for taking the time to participate in our conference call today. I will now explain the financial results for the fourth quarter of FY 2025 announced today, following the presentation materials available on our website. First, please turn to page four. I will begin with a summary of our consolidated financial results. Percentage changes are in comparison to the third quarter of FY 2025. In Q4 FY 2025, despite the continued highly volatile market environment, our profit base, primarily driven by asset-based revenues, functioned steadily, allowing us to maintain a high level of consolidated profit. Net operating revenues were JPY 197.8 billion, up 1.7%. Ordinary income was JPY 67 billion, down 3.6%. Profit attributable to owners of parent was JPY 49.8 billion, up 7.3%. Looking at the results by division, in the Wealth Management Division, as a result of our focus on total asset consulting, both the contract amount and net inflow for wrap account services reached record highs, and net asset inflows also expanded. In securities asset management and real estate asset management, assets under management grew steadily, continuing to expand our revenue base. Global markets accurately captured customer flows amid market fluctuation, resulting in increased revenues in both equity and FICC. In Global Investment Banking, domestic M&A remained strong. As a result of these factors, the annualized ROE was 11.5%. The year-end dividend is JPY 35 per share. Combined with the interim dividend of JPY 29, the annual dividend will reach a record high of JPY 64, resulting in a dividend payout ratio of 50.8%. Please turn to page eight. This page shows base profit, our KPI for stable earnings, as outlined in the medium-term management plan. FY 2025 base profit grew steadily to JPY 182.7 billion, up 32.9% year-on-year. We have achieved a level that significantly exceeds that JPY 150 billion target set for the final year of the medium-term management plan, doing so in just the second year of the plan. Please turn to page 11. I will now explain the statement of income. Commissions received was JPY 131.2 billion, up 2.0%. A breakdown of commission received is provided on page 26. Brokerage commissions increased significantly to JPY 31.9 billion, driven by an increase in customer flow. Please turn to page 12. Selling, general, and administrative expenses were JPY 138.3 billion, +4.1%. Personnel expenses increased due to an increase in performance-linked bonuses. Please turn to page 14. This slide shows the annual trends in revenues and SG&A expenses. While performance-linked costs and strategic expenses such as IT investments have increased in tandem with business expansion, the increase in fixed costs has been constrained, keeping overall costs at a well-controlled level. Please turn to page 15. Total ordinary income from overseas operation was JPY 6.9 billion, down 17.6% quarter-on-quarter. By region, Asia and Oceania saw an increase in profit, supported by equity-related revenues driven primarily by Asian equities. On the other hand, the Americas recorded a decrease in profit due to a decline in M&A revenues. I will explain the financial result by segment. Please turn to page 16. First is the Wealth Management Division. Net operating revenues were JPY 81 billion, +5.2%, and ordinary income was JPY 33.1 billion, +12.1%. We believe that the results of our ongoing efforts in the asset management type business have manifested in our sales performance, despite the persistent high volatility in the market environment. By product, equity saw a revenue increase of JPY 1.1 billion due to increased trading in Japanese equities. Fixed income revenues also increased by JPY 500 million, as we accurately captured investment needs. Sales of Fund Wrap increased significantly, driven by growing demand for long-term diversified investment and portfolio management. In addition to inflation hedging, wrap-related revenues reached a record high of JPY 18 billion. Asset-based revenues reached a new record high of JPY 33.4 billion, driven by increase in agency fees for investment trusts and wrap-related revenues. The fixed cost coverage ratio based on asset-based revenue in the Wealth Management Division was 120%, and the total coverage ratio was 76.5%. Please turn to page 17. This slide shows the status of sales and distribution amounts by product within our domestic Wealth Management Division. Our wrap account services reached a record high level with total contract AUM rising to JPY 6.4046 trillion. New contract amounted to JPY 386.2 billion, net inflows came to JPY 276.2 billion, both marking all-time highs. Our Fund Wrap also continued to grow strongly. Its characteristics have been well received by clients in both favorable market conditions and during periods of adjustment, resulting in a significant expansion in asset under contract. In addition, collaboration with external partners such as JAPAN POST BANK and Aozora Bank has been progressing steadily, contributing further to the growth in the new contracts. Please turn to page 18. This section outlines the progress of our growth management business model. Cumulative balance-based revenues for fiscal 2025 increased to JPY 123.2 billion. Net inflow of assets also remained high, totaling JPY 1.6342 trillion. In line with our group's fundamental management policy of maximizing clients' asset value, we will continue to provide optimal portfolio proposals based on each client's total assets while working to build a revenue base which is less susceptible to market fluctuations. Please turn to page 19. Here we show the status of Daiwa Next Bank. NII net interest income totaled JPY 11.2 billion, up 11.2%, and ordinary profit reached JPY 6.2 billion, up 30.2%. The increase in policy rates contributed to an expansion in net interest margins. The promotion of total asset consulting, together with initiatives such as competitive deposit interest rates, including a 1.2% one-year yen time deposit for retail customers, proved effective. Deposit balance surpassed JPY 5 trillion. Turning to page 20, let me explain the Asset Management segment, beginning with securities asset management. Net operating revenues were JPY 19.7 billion, up 5.9%. Ordinary income was JPY 11.4 billion, up 11.6%. Daiwa Asset Management publicly offered the securities investment trust AUM topped JPY 37 trillion, hitting record high. Moving on to page 21 for real estate asset management. Net operating revenues were JPY 9 billion, down 10.6%. Ordinary income was JPY 9.8 billion, down 5.6%. While revenues and profits declined on a quarterly basis, mainly due to the absence of property sales gains recorded in the previous quarter, real estate asset management is a business stream which the profit grow in line with AUM. AUM at Daiwa Real Estate Asset Management surpassed JPY 1.6 trillion, and we expect stable mid-term growth in line with continued AUM accumulation. In addition, equity method investment gains from Sompo Holdings contributed to maintaining a high level of profits. On page 22 is alternative asset management. Net operating revenues were negative JPY 2.6 billion, and ordinary income was negative JPY 4.8 billion. Under renewable energy, we recorded provisions and impairments due to the revaluation of certain portfolio investments. On page 23, lastly, let me explain the Global Markets and Investment Banking Division. First, Global Markets net operating revenues were JPY 51.3 billion, up 13.4%, and ordinary income was JPY 17.7 billion, up 48.6%. Both equities and FICC performed strongly, resulting in a significant increase in revenues and profits. In equities, trading flows in Japanese stocks increased substantially, particularly among overseas investors, leading to a 6.2% rise in revenues. By offering a diverse range of execution methods, we successfully captured large-scale trading mandates contributing to revenue growth. In FICC, revenues increased 20%, driven by strong performance in JGBs and credits. We effectively captured the customer order flows in both domestic and foreign bonds, and our position management remained in solid, even in a highly volatile market environment. Now turning to page 224. In Global Investment Banking, net operating revenues were JPY 24.1 billion, down 7.4%, and ordinary income was JPY 2.1 billion, down 60.5%. M&A advisory remained strong in Japan, and the revenues increased in Europe within our overseas operations. That concludes the explanation of our financial results for the fourth quarter of fiscal 2025. Fiscal 2025, on a full year basis, experienced high volatility in stock price and interest rates, but the year itself was quite active overall, and the entire business portfolio had higher stability, so that income was stable and the market response capability also improved. We were able to benefit from both of them. As a result, the second year of this mid-term plan hit record high in terms of the profits, and ordinary income was hitting the highest in the last 20 years. Towards the end of the mid-term plan, we think that we have a very good, strong result. Now we'd like to move on to the announcement that we have made about the subsidiary of ORIX Bank, as we have explained on our website. I will explain the overview, objectives, and financial impact in accordance with the materials published on our website. Please turn to page two of the document entitled, regarding the acquisition of ORIX Bank as a subsidiary. This is a transaction summary. In this transaction, Daiwa Next Bank will make ORIX Bank a wholly-owned subsidiary. We also plan a merger of the two banks in the future. The acquisition price is JPY 370 billion. The final acquisition price will be determined after price adjustments stipulated in the share transfer agreement. The acquisition will be funded entirely by our own funds, strategically utilizing the capital buffer we have accumulated to date. Next, the primary objective of this transaction is to continuously expand the stable revenues of the Daiwa Securities Group and improve ROE and EPS through the strengthening of the Wealth Management Division. By integrating Daiwa Next Bank and ORIX Bank, which have different strengths, we aim to enhance our ability to provide solutions for our clients' challenges regarding both assets and liabilities, thereby significantly improving the corporate value of both banks. Specifically, we will realize sustainable growth by combining the outstanding lending and trust capabilities cultivated by ORIX Bank with the deposit-gathering capabilities backed by our group's solid customer base and sales network. There are three pillars to this strategy. First, deepening the total asset consulting tailored to the life stages of each individual client. Second, establishing a sustainable growth model through a virtuous cycle of deposit and lending expansion. Third, maximizing synergy effects through functional integration via a future merger. I will explain each of these in turn. Please turn to page three. The post-integration bank will have total assets of JPY 9 trillion and approximately JPY 400 billion in equity capital, evolving into a comprehensive bank, combining advanced lending and trust functions with strong deposit-gathering capabilities. By offering competitive deposit rates backed by ORIX Bank's high investment capabilities, we aim to establish a sustainable growth model through a virtuous cycle of deposit and lending expansion. Regarding the impact on consolidated financial results, there is a potential to improve net interest income as a synergy effect. In addition to the over JPY 1.5 trillion of drawable funds from Daiwa Next Bank's current account at the Bank of Japan, we aim to accumulate JPY 2 trillion in deposits over the next five years as a synergy effect, separate from the standalone deposit growth of both banks through the provision of competitive deposit rates. We plan to invest this total of JPY 2.5 trillion in real estate investment loans and securities-backed loans to improve net interest income. Assuming we can secure a 1% interest rate margin improvement, our estimates indicate a potential improvement of JPY 35 billion in net interest income. In addition to these synergy effects, ORIX Bank's standalone performance will be consolidated into our financial results. The bank's average ordinary income over the past five years is approximately JPY 30 billion, with a net income of approximately JPY 20 billion. On the other hand, we expect to incur amortization expenses for goodwill associated with the acquisition. Next, regarding capital and regulatory aspects. We will maintain financial soundness while effectively utilizing our capital buffer. Whilst the implementation of this transaction will lower the consolidated total capital adequacy ratio by five percentage points, it will still exceed 14% on a fully loaded Basel III finalization basis, securing a certain level of capital buffer. However, to expand our capacity for future growth investment and shareholder returns, we will also consider issuing perpetual subordinated bonds. Please note that we are not considering equity financing. Now moving on to slide four. Let me say the strength of Daiwa Next Bank. That is the strong deposit-gathering capability. In the meanwhile, it has a challenge with it, the limited lending and the trust functions. Against that, the ORIX Bank has a strong lending and trust functions. That's their strength. Their challenge is the deposit-gathering capability. While we are complementing, or we are able to complement each other with the strength and the challenge, we think this is an ideal match between the two. Moving on to slide five. I may be repeating myself, but the objective of making them a subsidiary is to strengthen the Wealth Management Division and also a great leap in terms of the stability of the income as a result of that. The stronger Wealth Management Division is not coming from one point. It comes from some pillars, the deepening total asset consulting, virtual cycle of deposit and loan expansion, and accelerating growth through collaboration with the Asset Management Division. Those are going to be the three pillars to enhance the management division and the stability of the income. Moving on to slide six. We are trying to see the deeper total asset consulting capability for the clients. The assets and liabilities of our customers will change from life stage to life stage. That's the reason why not only the assets but the liabilities all included, is quite important to have the total asset consulting capability to optimize our capability of designing the balance sheet of the customers. By utilizing the ORIX strength, which is the lending and the trust, we are going to be providing the solutions for the pains of the customers, depending upon their life stage. Moving on to slide seven. We're thinking about accelerating the growth of spiral by leveraging the strength of both banks. When we look at those banks alone, the balance is going to be accumulated, but as a result, in addition to the growth of each bank's deposit balance, we aim to expand the deposit by over JPY 2 trillion in the next five years as a synergy effect. The loan asset of ORIX is quite competitive, so based upon which we're going to offer the Daiwa Securities customers a competitive deposit interest so that we're able to acquire the stuck deposit, eventually that is going to increase the deposit balance. That is going to be a great spiral of the growth of the banks overall. On slide eight. This shows the changes of the balance sheet structure as a result of the integration of the two. On the asset side, the lending and the securities, and on the liability side, the ordinary deposit and the time deposit are going to be all balancing so that the balance sheet is going to have a good risk diversification. Now explanation is over with that. The details is going to be explained by our CEO, Ogino, at the management strategy meeting, which is scheduled to be held next month. By responding flexibly to the variety of needs by the customers, we're gonna be capturing the changes in the market environment. As a leader of the financial and capital market, we're gonna pursue sustainable growth. We sincerely appreciate your continued support and thank you very much for your kind attention.