Hello everyone. I am CEO Ueda. Please look at this. Our logo, the & mark, has been updated. The previous & mark was drawn with a thin line and was difficult to read as &. Some people asked, "Is this a bird?" Some even asked, "Is this a water flea?" This time everyone can read the & in the logo. Our logo is not an or, i.e., a choice between this or that. The & represents the all-encompassing this and that. The spirit of '&' is used in many places in this long-term vision. Let me now turn to the main topic. Next page, please. Thank you for finding the time in your busy schedules to participate in the briefing for the Mitsui Fudosan Group's new long-term vision. I believe it is auspicious that we are launching our new long-term vision in a year where Japan is marking the end of the so-called lost 30 years. As someone who has personal experience of the peak and collapse of the asset bubble and the subsequent lost decades, seeing the Nikkei 225 break above 38,915 on February 22 of this year was truly moving. The era of deflation was painful. Added value was not fairly evaluated, and the dampening of animal spirits was not conducive to sparking innovation. As Japan breaks free of deflation, it is now at a major turning point. We are transitioning into an era where value creation efforts will be appropriately rewarded and innovation can flourish. At this important juncture, we have been able to engage with many investors over the last 12 months. We devoted significant effort to thinking about how the Mitsui Fudosan Group can maximize corporate value over the medium to long term and how best to ensure this is reflected in the share price. The plan announced yesterday is the culmination of extensive and deep discussions among the executive team and the board over the last year. In formulating the plan, I met and engaged with many people. I deliberated and explored while also noting that this is a historical inflection point for Japan. This plan is the culmination of us giving our all. After becoming CEO, I said to the markets that raising the share price is one of my most important missions as president. Over the 12 months since I became CEO, the share price has roughly doubled if we compare the closing price on March 31, 2023, to the closing price on March 29, 2024. I believe the gains are a reflection of your expectations for Mitsui Fudosan. Since the announcement of the long-term vision yesterday, the share price has risen just under 8% today. Share prices like Rome are not built in a single day. Rather than focusing obsessively on short-term share price moves, I believe it is necessary to take a long-term perspective. This long-term vision reflects the valuable opinions of investors that have supported Mitsui Fudosan over the long term based on input from investor relations discussion over multiple years. Given this, I believe that this is a plan that we have been able to build together with you. We aim to make strong progress going forward, working with investors that share our vision for the future of our group. I would now like to start the presentation of our new group Long-Term Vision, & INNOVATION 2030. Next page, please. I will begin with a review of Vision 2025 and an overview of the recent operating environment. During the group long-term vision, Vision 2025 announced in May 2018, the Mitsui Fudosan Group completed eight large-scale mixed-use developments in central Tokyo and large-scale projects such as Hudson Yards in New York, growing its business on a global basis and making solid progress towards achieving its targets. On our shareholder return policy, we newly established a total payout return ratio metric, a combination of stable dividends and continuous share buybacks over time. Furthermore, in 2021, we raised the target level from the initial 35%-45%, improving shareholder returns. Although we were temporarily impacted by the pandemic, we were able to overcome the challenges and felt we were on track to essentially achieving Vision 2025 targets one year early. That said, in addition to greater than expected forex volatility, a surge in inflation combined with tighter monetary policy in the U.S. and Europe, and sluggish real estate transaction markets also in the U.S. and Europe, the acquisition of superior investment opportunities such as Tokyo Dome exceeded our assumptions. This resulted in the balance sheet expanding beyond our initial assumptions. We recognize that issues related to the balance sheet and efficiency continue to be a work in progress. Turning to the external environment, the world is facing a major paradigm shift. The pace of behavioral changes is accelerating on a daily basis as a consequence of the digital shift and the development of AI, which have the ability to dramatically change the world that we know. Moreover, the operating environment is likely to change even more radically on the escalation of geopolitical risk, the transition to an inflationary macro environment with positive interest rates, and the need to respond to climate change. In Japan, this year will be a critical year for breaking out of the so-called lost 30 years. Recently, BOJ chose to end negative interest rates based on rising corporate wage levels and the achievement of consumer price targets. Japan is finally starting to transition away from its unprecedented loose monetary policy. So how should we view the external environment going forward? I believe that we are entering a period that will bring very significant opportunities for the Mitsui Fudosan Group. I expect this will be an era where added value will be appropriately recognized. Next slide, please. Given our overwhelming ability to create added value, I am confident this will be a period where there will be a renewed recognition of our strengths. As we look to the next generation, our aim is to set out what we aspire to become, lay out a roadmap, and execute to achieve our vision, & INNOVATION 2030 sets forth our policy as a company that continues to aim at sustainably creating new value for society. Next slide, please. This is the outline of & INNOVATION 2030. Our objective is to become a developer of industry which contributes to the creation of added value for society by around 2030. We will focus on promoting initiatives to achieve this backed by growth generated by the realization of three business strategies and financial strategies which seek to equally balance growth, efficiency, and shareholder returns. Next slide, please. I will begin by elaborating on our vision. Next slide, please. The Mitsui Fudosan Group has supported the development of industries such as life sciences not only by developing tangible real estate assets but by providing places and communities which allow companies, society, and the people of which they are composed to share expertise and wisdom. I describe our role, which goes beyond the boundaries of a real estate developer, as an industry developer. By around 2030, I aim to further evolve our role as an industry developer to create both new social and economic value by strengthening the competitiveness of Japan's industry and creating new industries. Next slide, please. There are three ways in which the Mitsui Fudosan Group seeks to create social value. The first is to contribute to global innovation and industry development as exemplified by initiatives already implemented in the fields of life science and space. The second is to create exciting experiences by developing attractive neighborhoods, including expansion into the sports and entertainment field such as Tokyo Dome or the arena business. The third is to address social issues through initiatives to build a sustainable society on a global basis. The creation of social value, as outlined above, will differentiate us from our peers and enhance our competitiveness, which in turn will lead to the creation of economic value for Mitsui Fudosan. Next slide, please. We show here the two key points on the economic value that Mitsui Fudosan seeks to create. The first is the achievement of sustainable growth and efficiency in excess of cost of shareholders' equity through the optimal allocation of capital and steady and continuous growth of profits and cash. The second is to improve value per share over the medium to long term through a combination of stable dividends and flexible and continuous share buybacks. Next slide, please. The quantitative KPIs we have set for the economic value generated by the creation of social value are as shown here. Our new quantitative targets for around 2030 are EPS growth of 8% or higher and ROE of 10% or higher. In addition, to provide investors with a sense of comfort in investing in Mitsui Fudosan, we have also disclosed detailed quantitative targets for fiscal 2026 as milestones. For fiscal 2026, we are targeting business income of JPY 440 billion or higher, net income of JPY 270 billion or higher, and ROE of 8.5% or higher. The business income target is a new metric we are introducing from this long-term vision. We define Business Income as the sum of operating income, the metric used to date, equity in earnings or losses of affiliates, and gains or losses on sales of tangible fixed assets. This is a metric which directly shows the added value we create from our core businesses. It is a reflection of management's intent to proactively promote asset turnover by including profit from not only real property for sale but gains on disposal of tangible fixed assets while being mindful of maintaining the balance between leasing and property sales profits. As stated on the slide, with regard to equities held as pure investments, in a continuation of our divestment track record to date, we will promote continuous and flexible sales while taking into account share price and other factors. We intend to use the proceeds for future growth investments. I will now discuss the business strategies that underpin the achievement of our vision. Next slide, please. The business strategies to be implemented to around 2030 consist of three major paths. Next slide, please. The first path is the promotion of further growth in the core businesses. The second is the expansion into new asset classes in real estate. And the third is the exploration of new business domains to capture business opportunities. We will be implementing ambidextrous management. In addition to growth strategies for the existing real estate domain, we aim to increase profit pillars in new business areas that go beyond the boundaries of real estate. In this way, the three paths are not an or choice. Instead, these three paths are linked by And. We are choosing to do all three. Next slide, please. There are three measures aimed at achieving the first path of further growth in the core businesses as shown here. Next slide, please. The first is a decoupling from the markets. As reflected in our track record in mixed-use development in central urban locations and development of high-end condominiums, in addition to our competitive superiority in each asset class, the Mitsui Fudosan Group creates high added value products and services that did not previously exist. By providing such products and services, we create new demand which gives us the ability to drive up value in that market segment or area. Companies with both the ability to create added value and comprehensive strengths in assets are very rare, even on a global basis. Mitsui Fudosan will further elevate these strengths to steadily and continuously grow profits. Another important theme is the strengthening of the Mitsui Fudosan Group network. New demand can be created by establishing a single network that seamlessly connects services for each asset class. Next slide, please. The second measure to drive growth in the core businesses is the strengthening of development profitability, effectively accelerating the realization of the added value created through development. I will go into more detail on this later in the section on financial strategies. However, we recognize there is a need to accelerate the cycle of our business model of holding and leasing, development and sales, and management to achieve better efficiency in addition to generating stable leasing income through the holding of rental properties. As well, for large-scale developments, we aim to further improve business efficiency by proactively tapping into third-party capital from institutional investors in the early stages of development. Next slide, please. From the perspective of maintaining and enhancing the realization of added value over time into the future, it will be important to win new business opportunities while also accelerating asset turnover. On this point, we already have investments worth roughly JPY 1 trillion up to fiscal 2030, counting just the major projects. We assume the new added value generated by these projects will be around JPY 500 billion. In this way, we believe it is possible to sustainably and continuously generate stable profits from the sale of properties through ongoing asset turnover to strengthen the portfolio by picking up the pace of the cycle of creating and realizing added value from development. Next slide, please. The third measure is to further develop and evolve the overseas business. Regardless of trends in financial and real estate markets in the U.S., Europe, and Asia, we will take a long-term perspective in continuing to focus on enhancing our development quality on a global basis to capture the strong growth in each country. This has been the direction of our overseas business to date. This stance will remain unchanged. The foundations of profitability of our overseas business have been strengthened by the completion of the two trophy assets in New York at Hudson Yards. Over the last few years, we have been steadily ceding the property sales to investors' business through the development of multiple rental residential and lab and office properties, primarily in North America, including the Sunbelt area. In addition to the contribution to leasing income as a result of the increase in operational properties, we are shifting into a phase where we can realize development profits through disposals. We are transitioning into a business focused on asset turnover. In disposing of assets, our focus will be on maximizing property sales profits. We will be smart about determining the right times to sell and buy in each local market, carefully monitoring trends in domestic and overseas interest rates and the investment markets. Next slide, please. I will now move on to discuss the second path, expanding into new asset classes. We show below the three seeds for growth in new asset classes. Next slide, please. The first is the sports and entertainment business. Through the experience of the pandemic, Mitsui Fudosan has a renewed appreciation for the compelling value of real, live experiences starting with sports. The more our lives become digitalized, the higher the value that is likely to be placed on exciting or real experiences that directly impact the five senses. These are experiences that cannot be replicated in the digital sphere. In anticipation of this, we conducted a TOB of Tokyo Dome City and were able to leverage its stadium operating know-how to win a project to rebuild the Chichibunomiya Rugby Stadium. Also, the omnichannel system which we plan to release this autumn not only brings together real and e-commerce but will also incorporate a ticketing function that can be used for sports and entertainment to enhance synergies with the retail facilities business. In addition, the LaLa arena TOKYO-BAY in Funabashi, which is slated to open in May, is the home arena for the Chiba Jets basketball team. Along with the Mitsui Fudosan Ice Park skate rink, which is located next door, we expect to welcome many spectators to sports and entertainment events such as concerts. By further stepping up efforts to drive customer traffic between our flagship retail facility, LaLaport TOKYO-BAY, and these facilities, we will promote neighborhood creation that leverages sports and entertainment. To accelerate such initiatives, we have established a division that combines our retail facilities business with the sports and entertainment business. Through the strong synergies created by the integration of these two businesses, we aim to further elevate our ability to create added value. Next slide, please. Next, I will talk about the lab and office business. As a result of the rapid development of vaccines in response to the pandemic, people around the world were able to observe the fusion of technology and biomedicine. There is a renewed sense that innovation will be what takes us into the future. Going forward, it is clear that life science initiatives will be increasingly important on a global basis. Life science is one of the industries where Japan is globally competitive. The Mitsui Fudosan Group has focused on the development of an ecosystem to encourage life science innovation since 2016. Concentrating in the Nihonbashi area, we aim to contribute to the development of the life science field in Japan by cultivating a community and creating forums. If you look globally, there is always a community that springs up around life science hubs with an organization that brings it together. In collaboration with key individuals in academia, Mitsui Fudosan established the general incorporated association, LINK-J, in Nihonbashi. We have established ourselves as a platformer for the life science community. We were also the earliest in Japan to promote the development of leased lab and office properties, which combine research facilities and offices in proximity to the urban center. The environment for life science R&D in the U.S. and Europe had already evolved away from the ownership of closed suburban properties for R&D a number of years ago. Now, R&D facilities are mainly leased properties that are centrally located and open. For example, a life science hub has developed in the Boston and Cambridge area. Almost all of the properties are leased lab and office properties. The key feature of the lab and office business is the high proportion of workers in the office. This is an asset class with high occupancy rates that is recognized for its stability. Recently, there has been a sharp increase in supply of leased lab and office properties in the U.S. Reflecting this global trend, the Mitsui Fudosan Group is positioning leased lab and office properties as the next growth seed. We are targeting significant growth both in Japan and overseas. By contributing to address issues related to the availability of appropriate environments for R&D, we aim to capture new demand and create a new market. Next slide, please. Finally, we aim to further expand business domains by strengthening the data center and other businesses. On the back of the rapid digitalization of society, data centers are expected to show strong growth. This is an asset class which is highly complementary to the logistics facilities and retail facilities, areas of strength for Mitsui Fudosan. Relative to our peers, we can demonstrate competitive superiority by leveraging our know-how. Beyond this, in addition to the solar power generation business, which we have already entered, and the offshore wind power business, which is now under consideration, we are also exploring educational facilities and other opportunities that reflect the needs of the times. Our aim is to further expand this business domain. Next slide, please. Next, I will explain the third path for our business strategy, the exploration of new business domains and capturing of new business opportunities. As explained previously, by elevating our current earnings base under the first path and putting new asset classes on a solid growth trajectory, we will be able to strengthen our core in the real estate domain. Our ability to do so at this time is what makes it possible to explore new fields beyond the boundaries of real estate, which have the potential to become new profit pillars in the future. There are three key points I would like to make with regard to the third path. Next slide, please. First, we will further evolve our position as a platformer for a wide range of industries. Our network of customers has developed over more than 80 years through a wide variety of businesses. Regardless of the industry, we have been able to go beyond a simple landlord-tenant relationship, developing robust, deep, and broad relationships through joint business and research efforts. We consider ourselves to be exceptional among leading Japanese companies in our ability to create places and communities. We aim to capitalize on the strength of our customer base to the fullest to go beyond the boundaries of real estate development to develop a network that can provide an even wider variety of places and communities. Next slide, please. Building on this, we aim to identify new industry domains that will lead the next generation of Japanese industry by making direct investments in areas that will develop into new profit pillars. To put this initiative into motion, we will create a new innovation promotion division. For the period to fiscal 2030, we have set aside more than JPY 400 billion for M&A investments and more than JPY 100 billion in funding for startups. In this way, the Mitsui Fudosan Group aims to identify promising new business domains over the course of the long-term vision. By allocating management resources such as human resources and capital, we aspire to be an industry developer creating a new growth roadmap for the group in tandem with the next generation of growth industries for Japan. Next slide, please. Next, I will explain the financial strategies that will enable us to achieve our vision. Next slide, please. In order to maintain our position as a company that will continue to build the future by generating value through neighborhood creation, it is essential for Mitsui Fudosan as a publicly listed group to win the trust of investors through not only the generation of social value but the growth of economic value. To achieve this, we must make efficient use of the capital provided by investors based on the underlying assumptions of sustainable growth and improved shareholder returns in conjunction with this growth. In other words, we have come to believe that the path to maximizing corporate value, which all investors want, is to manage with an equal focus on the three key objectives of enhancing growth, efficiency, and shareholder returns and ensure that we maintain and enhance each in a stable and sustainable manner. Next slide, please. First, on growth, we aim to achieve stable and continuous profit growth and maximize our cash-generating capability. We show here the image of specific business income growth by segment. By solidly executing on the business strategy measures outlined earlier, we aim to generate JPY 440 billion or more in business income and JPY 270 billion or more in net income in fiscal 2026, with our sights set on further sustainable growth as we look toward fiscal 2030. We have maintained EPS growth as an important KPI carried over as a metric from the previous plan for net income growth, which is the source of funding for shareholder returns. Backed by organic profit growth in our core businesses and factoring in flexible and continuous share buybacks, we aim to achieve an EPS CAGR of more than 8% for the period between fiscal 2023 to fiscal 2030, exceeding our Vision 2025 target of 7%. Next slide, please. On efficiency, I will explain how we think about balance sheet control. First, on the asset side of the balance sheet, we will strengthen our focus on improving ROE by further accelerating asset turnover and realizing added value while being mindful of total asset scale and the need to enhance the asset portfolio. We will promote asset turnover, expanding the scope beyond disposals of real property for sale to include tangible fixed assets. We will also accelerate our efforts to reduce strategic equity holdings. Over the three years to fiscal 2026, we aim to reduce our current holdings in equities by 50%. With regard to equities held as pure investments, in a continuation of our divestment track record to date, we will promote continuous and flexible sales while taking into account share price and other factors. We intend to use the proceeds for future growth investments. As a result of the above measures, we plan to generate around JPY 2 trillion in proceeds from asset turnover over the three-year period to fiscal 2026. Another measure to boost ROE will be to solidly cycle through our comprehensive business model of holding and leasing, development and sales, and management. By targeting management business opportunities after the disposal of property and promoting the use of third-party capital in the development business, we aim to expand AUM and grow management profits. Next, on controlling the right-hand side of the balance sheet, we will maintain control of financial leverage using the D/E ratio as a metric while being mindful of the scale of interest-bearing debt, financial soundness, and ROE. Mitsui Fudosan's core businesses of real estate development and neighborhood creation are characterized by its significant impact on the balance sheet for long periods of time. As such, it is very important to maintain financial soundness in order to be prepared in the event of long-term changes in the financial markets or unexpected contingencies. Given this, we have set a specific target of maintaining a single A credit rating as a reflection of the optimal capital structure. We have kept our target D/E ratio range of around 1.2-1.5 times. We aim to achieve an improvement in ROE to 10% or higher while also maintaining financial soundness by implementing shareholder returns that are well balanced with profit growth and capital. Next slide, please. I will now explain our shareholder returns policy. As management, I strongly believe that the most important consideration for shareholders that support Mitsui Fudosan over the long term is a stable and continuous approach to shareholder returns based on sustainable growth. This time, as we formulated a new long-term vision, we have decided to further enhance shareholder returns reflecting factors such as the stability of cash flow supported by a robust asset portfolio, our confidence in our ability to generate cash in the future, and the balance between profit growth and capital. To date, our total payout ratio target was around 45%, but under the new long-term vision, we raise our total payout ratio target to 50% or higher in each of the next three years. We raise our dividend payout ratio target, which reflects our commitment to stable dividends even in the event of future pandemics or financial crises, from around the 30% level to date to around 35% going forward. In addition, to further clarify what has been our policy to date, we clearly state our commitment to continuous and progressive dividends. We aim to raise dividends in line with sustainable profit growth each fiscal year. With regard to share buybacks, we will conduct buybacks over the next three years on a flexible and continuous basis. While we will take a comprehensive view of share price levels and other factors in buying back shares, we aim for a nimble and flexible approach. We believe buying back shares on a continuous basis to enhance value on a per-share basis will foster a sense of security and trust from the market. As such, as we considered the total payout ratio, the combination of dividends and share buybacks, the proportion of returns from share repurchases, which is total payout ratio less the dividend payout ratio, was set at 15% or higher. In addition to maintaining our approach of consistently buying back shares each fiscal year, the decision to include the words "or higher" is a reflection of our intention to be more nimble in undertaking share repurchases. It is important to consider the contribution of share buybacks to both EPS growth and improvements to ROE. We will maintain our dialogue with the markets in exploring more effective measures in our quest to raise, improve, and strengthen growth, efficiency, and returns in a well-balanced manner. We will front-load the implementation of our new shareholder return policy to apply from the end of fiscal 2023. Based on projected profits as of the end of fiscal 2023 and a dividend payout ratio of 35%, we raise our full-year DPS guidance from JPY 72 to JPY 82 and will also conduct a JPY 40 billion buyback. As a consequence, based on our forecast for JPY 220 billion in full-year net income, our total payout ratio will be 53%. Next slide, please. Finally, I will discuss cash allocation for the three-year period from fiscal 2024. There are three key takeaways. The first is that, relative to the past, we aim to maximize Basic Operating Cash Flow over the next three years. Up to this point, optically, our operating cash flow in each fiscal year appeared very volatile as a result of the large scale of investments and cost recovery associated with real property for sale. This made it difficult to see the underlying stability and continuity of cash flow growth from our mainstay businesses from the outside. To address this, we are introducing a new metric which we call Basic Operating Cash Flow, which consists of the sum of operating cash flow excluding increases or declines in cost recovery from real property for sale and gains or losses related to asset turnover, which includes gains on sales of tangible fixed assets and investment securities. By strengthening our cash-generating capability from our core businesses over the next three years, we aim to generate Basic Operating Cash Flow of around JPY 1 trillion. The second takeaway is the generation of around JPY 2 trillion over the next three years in the form of proceeds from asset turnover. While being mindful of the negative impact to leasing profits as a result of asset sales, we aim to grow the profits of both leasing and property sales through balance sheet control, targeting not only real property for sale but also including tangible fixed assets and investment securities. We assume this will generate around JPY 2 trillion in proceeds. The third takeaway relates to the allocation of the roughly JPY 3 trillion in total inflow of cash over the three-year period. We aim to appropriately allocate the combined JPY 3 trillion in Basic Operating Cash Flow and proceeds from asset turnover toward growth investments, funds for strategic purposes, and shareholder returns while being mindful of controlling increases in borrowings. Specifically, we will allocate JPY 2 trillion to growth investments for the core businesses. We have also newly set aside JPY 600 billion for expansion into future businesses to be used for M&A and balance sheet control. We also allocate JPY 400 billion to shareholder returns, which we have increased. Next slide, please. Under the & logo philosophy, we aspire to create neighborhoods that are vibrant and attractive that engenders the creation of diverse values. We aim for a future where we drive innovation by bringing people together. We aim to share our long-term values and achieve further growth backed by ongoing dialogue with investors about the new & INNOVATION 2030 plan. We humbly ask for your continued support. Next slide, please. Mitsui Fudosan is transforming the city and transforming the future. This completes my presentation. Thank you.