Thank you very much for waiting late, everyone. Now, we would like to start the SoftBank Group Corp earnings results announcement for the three-month period ended June 30, 2022. First of all, I would like to introduce today's participants. From left, we have Masayoshi Son, Chairman and CEO. Yoshimitsu Goto, Board Director and CFO. Kazuko Kimiwada, Senior Vice President and Head of Accounting. Today's announcement is live broadcast over the internet. Now, I would like to invite Mr. Son, Chairman and CEO, to present to you the earnings results and business overview of SoftBank Group. Mr. Son, please. Yes, this is Masayoshi Son from SoftBank. Thank you very much for your time today. Today, and now, the market and the world is in a bit of confusion. Today, we have a big loss of SoftBank Group, which I would like to announce today, and let me explain you the details. First, I would like to share with you this drawing. This is actually this explain you my feeling of today. This is a portrait of Tokugawa Ieyasu. He actually made a big loss against Takeda Shingen and came back with the loss of the battle and came back. In the background of that, actually, Oda Nobunaga, the ally, was made with Oda Nobunaga. They Tokugawa Ieyasu had to face with Takeda Shingen, which is much, much larger army than theirs. Most of the allies actually said, "This is gonna be the losing battle," so that they should not go for it, but actually it's better to stay at the castle. However, Tokugawa Ieyasu didn't want to lose his face so that he get out from the castle, had a battle, made a complete loss and suffer, and came back. That actually learn lesson and he try to remember and remind his own learnings and put it into this drawing. This is called Shikamizō, which is from after Battle of Mikatagahara. Since the foundation of SoftBank Group, I made a two consecutive quarters loss. Previous quarter and this time quarter, consecutively, we made JPY 3 trillion level of the loss. In total, JPY 6 trillion loss was made in the past six months. I believe I need to remind that myself and, like to remember, and I like to make it a learning to myself. Today, I would like to take this opportunity to share with you the current status of the company and the business. Since I graduated, I never had my boss. Every time that I received a report, from my people, whenever there is a bad result and made excuse, try to hide the bad results, that actually is not a good report. That made me even more upset. I experienced that, from my, past. Whenever the situation is not good, whenever the result is not good, I think that we should be open book and explain to you, thoroughly. That's why I would like to make sure that we are sharing you the current real status of the company. Like I said, this quarter, JPY 3 trillion loss. Previous quarter, about JPY 2 trillion loss. In total, I said JPY 6 trillion earlier, but actually it's a JPY 5 trillion loss. Previous year, we made a JPY 5 trillion gain. Actually about the same level of the amount has been lost. When we record the big gain, I actually was very proud myself, and when I look back, I a bit embarrassed, and I learned a lesson. The factors of loss, there are two things. One is the global stock market turmoil, and the other is the rapid fall of yen. In the meantime, in the past three months, Nasdaq Composite Index decreased by 20%. Vision Fund public stock index in the same period, it declined by 31%. Compared to Nasdaq, actually Vision Fund Public Stock went down larger. Because those are the public stock, you can see the value every day, so looking at those value. If we put it into the index points, in the same period, while Nasdaq declined by 22, ours are declined by 31%. Quarterly gain and loss on investments at Vision Fund last year. About a year ago, we made a big gain compared to that moment. The past two quarters, we made about JPY 3 trillion level of the loss, respectively. In cumulative, we are not yet a loss Vision Fund 1 invested amount. The gain that they record so far, that you see the two peaks like a camel. The first peak, that was a Vision Fund 1, and that declined. That was due to WeWork back then, where Uber not doing well-performed IPO. But still that we were able to decrease a bit of the value. In Vision Fund 2 actually started at the bottom of Vision Fund 1 with our own money on balance sheet, which is about one year ago, and we were able to contribute to the increase in value. In the past six months, actually those all gains has gone. JPY 7 trillion Vision Fund gain actually came down to almost zero. To be specific, this blue part shows value of Vision Fund 1. Vision Fund 1 saw loss and gain, and we still have a gain from the Vision Fund 1. Especially listed companies that Vision Fund 1 invested exited when their valuation was high, so they, Vision Fund 1, were able to record valuation gain. Pink shows Vision Fund 2. Vision Fund 2 invest in most of the businesses that are not listed yet. Non-public investments, if you value them against the market, we have recorded valuation loss. Green indicates LATAM Fund. LATAM Fund is now integrated Vision Fund 2. LATAM Fund saw big loss due to valuation loss that we recorded. For Vision Fund 2 or non-public Vision Fund 1 investment, we sincerely calculated valuation loss, and as a result, Vision Fund 2 and LATAM, you can see a huge loss here. To be more specific, on the left-hand side, this was result as of end of March this year. Gain was JPY 6.7 trillion of 161 companies saw gain, and 171 companies saw a loss, and 117 companies saw no change. Gain by JPY 6.7 trillion, loss by JPY 3.6 trillion. Net-net, we still had JPY 3 trillion of unrealized gain. As of end of June, 119 companies saw valuation gain, whereas 277 companies saw valuation loss. Gain JPY 5.1 trillion, loss JPY 5 trillion. Cumulatively, three months ago, unrealized gain was JPY 3 trillion. In the last three months, we almost lost that valuation gain. More companies saw loss than gain. To be even more specific, as of end of June, listed companies saw valuation gain. As you can see, 35 listed companies saw valuation loss worth JPY 1.7 trillion. Non-listed companies, even though they are not listed, we calculated their value looking at comparable businesses in the market. We decided to record valuation loss. That was about JPY 1 trillion for non-public companies. Performance of portfolio companies turned out worse than anticipated. Because of that, we also recorded valuation loss, JPY 256 billion. Underperforming companies and public companies and non-public companies, we recorded unrealized, excuse me, valuation loss. The total JPY 3.1 trillion marked down. In terms of whether or not we recorded valuation loss, according to our corporate rules, even though those companies are not listed, we recorded valuation loss. Foreign exchange, as you know, yen has gotten weaker very rapidly, and half of our borrowing is dollar-denominated, and remaining borrowing is in yen terms. Borrowing in yen terms will be repaid in yen, so should not have impact on our gain or loss. Borrowing in dollar term, if you calculate in yen, we have to record impact of increase in the yen amount of foreign currency denominated net debt of companies in Japan. After tax, Vision Fund loss was JPY 2.3 trillion, and due to foreign exchange loss, total loss was JPY 3.1 trillion. Market cap is JPY 9 trillion, but in only three months we recorded JPY 3 trillion of loss. I would say that the loss is the biggest in our corporate history, and we take it very seriously. Our most important indicators are two indicators. One is net asset value or NAV, and the other one is loan to value or LTV. How much net debt we have against the value that we hold. Those are the most important indicators. In net asset value, if you see on the dollar basis, in past three months, we have decreased by $16 billion. Close to about JPY 2 trillion or so in the past three months. JPY 151 billion came down to JPY 135 billion, so almost 10% down. However, when you look at on the Japanese yen base, then JPY 18.5 trillion and JPY 18.5 trillion. So as I mentioned earlier, an accounting loss was JPY 3 trillion, but net asset value on the Japanese yen base, actually no change, so it's flat in three months. So does that mean that we don't decrease any net asset value? Actually, it was flat from the Japanese yen level. But if you go more in depth, I said in dollar base it's decreasing, so the. As a result of the depreciation of yen, actually about JPY 2.2 trillion was saved due to the Forex impact. So yen depreciation is good or bad for SoftBank Group. Actually, for the accounting point of view, it was the reason for JPY 820 billion loss. That's the variations for the net debt. JPY 820 billion loss. If you see net asset value in Japanese yen, as a result of the depreciation of yen, actually it worked positive for net asset value. Now, would you see focus on accounting loss or would you see net asset value? That I believe is up to you. Me, I believe it's more important that we focus on net asset value, and that I believe it was helped due to the foreign exchange. As almost every day that we are checking our net asset value as a flash report. When we see the bad result, we always share the bad situation. That's my policy. As of today, that's the end of June, but as of today, actually we have worsened by JPY 1 trillion from there. JPY 18.5 trillion, almost coming back down to JPY 17.5 trillion. That I would like to also share with you the current status of ours. Actually the situation is a bit worse than that of June end. I just mentioned that the net asset value is more important index for us. When compared to the time of peak, actually for the quarter-to-quarter basis it was flat, but compared to the past, actually it has decreased by about JPY 10 trillion or so. The reason you can see in colors here. Alibaba is in orange. This portion at the peak, it was about $300 per share. As of today, it's $90 per share or so. It's almost 1/3. The reason we have increased the net asset value and the reason we decrease in net asset value is mainly due to Alibaba. As I mentioned earlier about the Vision Fund, Vision Fund 1 cumulative calculation was it's almost breakeven. We had a bit of a gain in the past, but now it's almost flat. However, compared to the time of peak, the reason we have increased is because thanks to Alibaba, and the reason that decline from the peak is also due to Alibaba. That explained in the bars in orange. If no impact from Alibaba, actually that is making a good trend. Here, actually the major impact to our net asset value is in increase and decrease, both coming from Alibaba mainly. We had quite bad results, but the only one positive highlight is loan to value, which is improving. Loan to value is the net debt over equity value of holdings. We always try to manage our loan to value less than 25%. Even in an urgent situation, we would like to manage less than 35%. That's the financial disciplines that we've been communicating, and that's our financial policy of ours, and that's the important index for ours. Because equity market is really volatile, so that you may worried that our loan to value may increasing or exceeding over 25%. This is something that we can control by ourselves. Equity market cannot be controlled by us easily, or we cannot control at all, of course. If we made a bad investment, value will decrease. This loan to value is something that we can control to some extent. As we promised with the market, we are working to improve the loan to value down to 14.5% now. Six months ago, or before, even before then, we've been in defense mode, which we have communicated to you, and we've been keeping this mode, defense mode, to date. Another financial policy in addition to loan to value is the cash position. Liquidity or the cash position on our balance sheet that we always try to maintain to cover two-year redemptions of the bonds. That's something that we would like to maintain on our balance sheet. That's the cash position policy that we have. For that, actually, we have more than double of the amount on our book. We've been strictly following our own rule, which is to be in defense mode at this moment. Loan to value is decreasing, but that may not be something that we can be too proud of because equity value of holdings has been decreasing from JPY 32.1 trillion down to JPY 21.7 trillion. Your asset has decreased by JPY 10 trillion, and along with that, net debt has been decreased. Five trillion yen net debt being reduced down to JPY 3.1 trillion. It's three over five. As a result, loan to value being improved. We have a solid cash position in reducing the net debt. In that, we have decreased our assets, on the other hand by JPY 10 trillion, but actually we have decreased our net debt. That's why that leads to 14.5% of loan to value. That is actually showing our real picture of the company. Now let me talk about SoftBank Vision Fund. SoftBank has become effectively investment company and Vision Funds are our main vehicles to do that. So far, SoftBank Vision Funds have invested in 473 companies, mainly AI-related unicorn. Those are a very important asset for us for the future. Of 473 companies, future Alibaba or future Arm, I hope will be there, but you never know. That said, under the current circumstances, of the 473 companies that we have, we believe that some of them will play a key role in AI revolutions in the future. That's why we are committed to supporting them. There are a lot of things or a lot of lessons we have to learn. The meeting with those companies for the future, listening from them, new business models, I keep impressed and believe in them that they will make a difference in the future. Again, our belief is not changed. We talked about the first peak and the bottom in terms of Vision Fund performance in the past. When we started Vision Fund 2, we decided to start with our own money. We decided to take even bigger risks so that we can pursue our vision. How have we done that? Again, Vision Fund 2 with our own money started about one year ago, and in three months we invested over JPY 20 billion. The next quarter, we invested JPY 12 billion, followed by JPY 9 billion investment in the next quarter. In total, in the last nine months, we invested in almost JPY 5 trillion, mostly by Vision Fund 2 and some by LATAM Fund. As you can see, we have been very active in terms of investment with Vision Fund 2. However, Vision Fund 2, as I mentioned earlier, recorded a huge loss, mainly valuation loss that we calculated internally, which we should. That's something that we did. Since six months ago or even nine months ago, we have been defensive as opposed to offensive. In such defensive mode, we have been more selective in making investments. We made that announcement in six months ago. Because of the huge investment valuation loss we recorded for new investment, we have heightened investment discipline. Since the market is hurt, and some people may say that now is the time to buy as opposed to sell. Well, sometimes I feel like that. I agree with them. However, remember the portrait of Tokugawa Ieyasu I showed you at the beginning of the presentation? His face, frowned face, is actually my face. We have a vision, and the vision remains the same. If we pursue the vision recklessly, we may end up losing big. That's something that we have to avoid. That's why we have a strong discipline in terms of LTV, making sure that we have liquidity to cover two-year worth with bond redemption. We have to control ourselves, even though we sometimes feel that we want to invest in a market that has tanked, because we want to make sure that we won't lose big. We have to curb myself to make sure that our investment discipline works. For SoftBank Vision Funds, we know that we have to reduce operational costs substantially. Again, vision remains the same. Our beliefs remain the same. Like it or not, we know that we have to reduce operation costs. For new investments, we have to be more selective. 470 companies that we have already invested in. Without new investment, we need to focus on enhancing the value of the current portfolio. Those are the things that we have to focus on at the moment. Now talking about Arm. In recent month, I talked a lot about positive news around Arm. But again, this time, I am not in a positive mode, and I need to speak low-key in terms of Arm. Things are going well. That's all I can say for sure about Arm today. The last but not the least, let me share with you something about share repurchase program. Nine months ago, we established this JPY 1 trillion share repurchase program. We Have achieved 70% in nine months. As you remember, when we made an announcement of share repurchase program, every time we made such an announcement, remember we delivered it as we announced and promised. For this time, we made announcement with some caveat attached, which is loan to value not exceeding 25% and making sure we have liquidity to cover two years of bond redemption. The remaining 30% until the end of the term may not be used up. However, still, even though we may not be able to reach 100% of JPY 1 trillion in three months, but we are still committed to repurchase shares up to JPY 1 trillion. From today, for the next 12 months, we have newly authorized share repurchase program of JPY 400 billion. The remaining 30% or JPY 300 billion about, even though we won't use up all that JPY 300 billion by November 8th, we still committed to repurchase shares up to JPY 1 trillion. The utmost priority is our financial disciplines and financial policy, LTV 25% and liquidity up to two years of bond redemption. Those are the disciplines we keep. If we can keep them within 12 months, we will repurchase shares up to JPY 400 billion. Again, keeping our financial disciplines, we now have newly authorized share repurchase program of JPY 400 billion. That's all from myself. Thank you very much for your attendance. Now we would like to take questions. First, we would like to take questions from the floor. Please wait for the microphone and start with your name and affiliation. For those who are on Zoom, please, press raise hand button and wait for your name is called. If you would like to withdraw your question, please press lower hand button. We would like to take up to two questions per person so that we can take questions from as many people as possible. Now we would like to take questions from floor. Yes. I am Nakagawa from Toyo Keizai. I have two questions. One, you said you learned lesson in the investment scheme, investment method. Any specific parts that you regret or you learned from this? And the second question that you've been increasing the forward transaction with Alibaba shares. I believe that Alibaba been using for collateral, and I would like to hear from you how your policy for Alibaba shares holdings. The lesson I learned are so many. For Vision Fund 1, we were making big swings, Uber, Didi, WeWork. We had spent almost JPY 1 trillion level of the investment per case. We've been making a big swing and couldn't hit the ball. That happened in the Vision Fund 1. Because my feeling was very strong, my emotion was very strong to specific companies or business. That's something that I learned. We became more systematic and also smaller tickets, and try to make sure that we have better profitability in Vision Fund 2. That's why we became relatively smaller ticket size in Vision Fund 2 compared to Vision Fund 1. Rather than aiming for the home run, but try to aim for a first base hit or second base hit, make sure that we have good hits and not to emotionally devote too much by myself, but we set experts by region, by sectors, and systematically review the investment cases. That made us more comfortable and being more confident to able to invest in Vision Fund 2. That is why fiscal 2021, in nine months, we have invested about JPY 5 trillion. We thought that we can hit, and also we thought we made about JPY 5 trillion level of the gains about a year ago. We were quite confident and maybe we were a bit over the moon. Although that we are making a small swing, but we were on too many swings there. As a result, that led us to quite a large valuation loss. Of course, market was not very good because of some wars happening. COVID hits. There are many excuses I can make. However, that's still the excuse. I think that I should learn the lesson, be more selective for the investment activities. We shouldn't have this much damage. Also valuation for unicorns was so high in fiscal 2021 because of many people worried about COVID. However, people or the market start thinking that we may be able to easily get over with the COVID, people start using more online services, and those companies actually increased its valuations. That is why that even we pay, invest in high valuation for such unicorns, but we thought that that's something that we can get a good return. Although each respective cases were relatively small ticket size, however, we did many more than we supposed to invest. If you pay inexpensive companies, then that you may have a high relatively higher possibility of losing. I believe that we were on the kind of a bubble on valuations. That's all my responsibility as a commander. Of course, I mentioned it became systematic way of investing decisions. However, I was leading this systematic investment decisions, and I was participated in this. I believe that's something that my responsibility, not the others, anybody else but me. As for your second question regarding Alibaba transaction, there are several derivative transactions we've been executing for our financing using Alibaba share. As a result of such a transaction, we were able to have a good level of cash position that I explained to you earlier. This became a good source for such cash position. When it comes to the share price of Alibaba and our financial position, those will be the kind of factors that we always need to keep in mind to consider the further transaction later in the future. Next question, please. Nakajima from Kyodo Tsushin. I have two questions. First, you keep saying that you learned painful lessons. In the meantime, you said that you believe in AI revolutions in the future. From your perspective, how long this kind of a situation will continue? How long will you be, stay vigilant and selective in new investments? How long will this winter period, if you will, continue? I don't know whether it be three months, three years. When will peace come back to Ukraine? We don't know. In Taiwan, in China, we have to be concerned about tension between China and Taiwan, and COVID-19 has not been completely gone. Under the circumstances, we are also suffering from huge inflation around the world. In order to curb the inflation, central banks globally have to raise interest rates. Usually in such circumstances, the stocks are sold big. From investor's perspective like us, we would say we are in winter. Many people may think it's the time to buy, including myself. Some people would say that for listed companies, value is reviewed every day. Unlisted companies, their values are not reviewed every day. Valuation of a company when they made the last financing, there are still many business leaders that they can finance at higher valuation than the last financing round. Current situation is that unlisted companies' value is higher than it should be. Even listed companies before IPO, they boasted about their high valuation. After the listing, they saw huge loss of their valuations. In fact, our Vision Fund saw huge valuation loss. Unicorn companies' leaders still believe in their valuations, and they would not accept the fact that they may have to see their valuation lower than they think. Until multiple of unlisted company is lower than multiple of listed companies, we should wait. Listed companies' winter is still continuing, but unlisted companies' winter may be longer than listed companies' winter. You mentioned operational cost reduction for Vision Fund, and how much are you going to reduce operational costs, especially, talent? When it comes to funds, it sometimes requires a lot of money to attract good talents to make good investments. Unfortunately, since our investment amount is smaller, source for new investment should be smaller. You can't have too many investment teams. Vision Fund headcounts may need to be reduced dramatically. Not only Vision Fund, but corporate-wise, since we have been seeing a huge loss, we have to reduce cost in our own company. I won't say in figures or numbers in terms of cost reduction, but group-wide cost reduction has to be done. Independent listed companies like SoftBank KK and Yahoo, of course, they have to make their own decisions. SoftBank Group, as an investment company, has to reduce cost dramatically. I will take our next question. My name is Hyuga from Bloomberg. Thank you for your presentation today. My first question is about cost reduction you just mentioned. The second point is question is about the governance. You have I believe this is the first time you explain or you express your idea of reducing the human resources in the Vision Fund. But in region, Europe, Asia, China, Japan, United States, which regions are you going to target for? And also, there are managing partner level, senior level, do they also be as a target? Right now I believe there are 400-some people in Vision Fund, that's my understanding. You said that you are planning to have a large reduction of the resources in Vision Fund. Do you have a rough idea of how many or how much? About the size, we are still discussing internally. We haven't have a clear view yet. There is no sacred areas, so we have to review everything. The first is to keep our defensive mode. That's been our attitudes from about nine months ago, and that will be maintained and execute. As for financial policy, we have loan to value index, cash position index. Those are the one that we see as a reference for our defense mode. The next things that we need to do is to reduce the cost, operational cost. That's something that we should be focusing. Region, there is no any sacred region. Without any exceptions, seniors, juniors, or back office or front end, without no exceptions that we will review. Following up to that answer, you have four investments already been made in Japan, and you have about 10 or so resources or people. Is that gonna be the target as well? I don't like to make how many from where or anything like that here. Again, without any exceptions, we would like to consider and review the cost reduction. No comments on the size of the reduction? No. That's something that we are discussing internally right now. My second question is about governance. These days, are you losing management level of the resources from the company? Mr. Sago, Mr. Marcelo Claure, two of them have left. Mr. Rajeev Misra, I understand that his role has been changing. From the stakeholders' point of view, who is doing what is also important for us to understand, and they need to communicate that too fully. As for Mr. Rajeev Misra, what is he doing? What is his role right now? What is the change from now to then? Also how you feel about those people leaving the company. Yes. Rajeev is CEO of SoftBank Vision Fund 1. That will be the same, no change for that. We have third party investors, LPs, and he is one of the key men. He must, he himself and myself are the key men. In the contract with those LPs, he stays as a key man for this fund. He is. He understand and wish to fulfill this, his responsibility. At the same time, SoftBank Vision Fund 1 has ended its fund period. We may have some follow-on investments to those existing investments. It's gonna be very small amount, but though we would like to have him monitor and manage those private companies that are invested by Vision Fund 1, and also any follow-on investment for the existing portfolio companies in Vision Fund 1. In addition to that, the exit of those portfolio needs to be managed as well. That to be covered as his role for Vision Fund 1. As for Vision Fund 2, which I said that I have a lot of lesson learned, I will be working together with our managing partners. There are tens some managing partners there, so that we would like to work for Vision Fund 2. For any new investment for Vision Fund 2, we are very selective these days. Our focus is going to be mainly the existing portfolio companies and also the follow-on investment for those. Any new opportunities, we're gonna be very selective. Even that we're gonna reduced some resources, but still we believe that we'll be able to keep the steady operation of the fund. I want to add a little bit color on what you just answered. Mr. Misra, he's been involved in Vision Fund 2, but he will not be committed in Vision Fund 2. Is my understanding correct? He will be involved to some extent. However, he will not be involved in Vision Fund 2 as CEO Vision Fund 2. I will be the CEO Vision Fund 2 and taking the lead. Rajeev is going to be supporter for Vision Fund 2. If that's the case, when we see the financial report of yours, the commitment by the managements to Vision Fund 2, it's not right now, you are the one for all that. I understand there is no explanation in financial reports of the SoftBank Group Corp Is there any opportunities that you're looking for that the other management putting money in Vision Fund 2 or anything like that? I will be the lead for the Vision Fund 2. Yes, thank you. Next question. Still from the floor. Ichikawa from Yomiuri Shimbun. The first question is about portfolio companies, 470-something. You're in the phase of believing in them, you said, but other than just believe, do you have any specific things that you have in your mind? For example, challenges that have. Are there anything that's SBG support for them or you'll be more hands-on or hands off for the portfolio companies? Of 475 companies, most of them are invested by SoftBank's Vision Fund 2. SoftBank Vision Fund 1 invest in about 90. Mainly ticket size are very small. For example, the ownership is about 5%-10%. We are, as a minority shareholder, supporting those companies. Hands-on or not or turning around those businesses, for example, is not something that we think we should do. Rather, we may give some advice or we may make suggestions to deliver synergies. We would do, but we are not hands-on, if you will. Rather, those business owners are supported by them with our expertise and with some financial support. But going forward, not necessarily with financial resources, we would like to support them with our expertise and advice. Our teams, dedicated teams, will work closely with them to give support for them. Instead of investing in new companies, we would rather supporting those portfolio companies with our teams. The second question is rather related. Not negative, but I want something positive. I would like to hear from you. SoftBank KK and Z Holdings, what's the strength of you by having those companies? Yes, we have great strengths, and we have 475 companies in our portfolio. Most of them grow 50% or even higher year-on-year. They are still in a growth phase. There are many companies that have great technologies and great business models. Our SoftBank KK and our Yahoo! and LINE and PayPay, for them, those portfolio companies are jewels. I believe that we can create a lot of positive relationships between those portfolio companies and our group companies. Next question, please. My name Otsubo from Sankei Shimbun. Relates to the previous question. You can create the positive relationship and also 470-some companies. What kind of area that you think that you can expect more going forward? Can you be more specific? Yes. Some of them, you may be doubtful. Is this company really using, utilizing AI? There are about 10% or so. But actually 80% or 90% of those companies are actually making their business model because there is AI. Those companies, sector-wise, it's very much wide. Fintech to Medtech, EdTech. There are a variety of sectors which are all exciting. Each respective companies, although they are small as individual company, but I believe that reminds me of the time that dawn of the internet era, like a GAFA. Now, 5-10 years later, we making lots of investments, and that could lead to the good result later on. I'm quite sure and I'm confident that we'll be able to see the good growth from those companies. I have another question. It's maybe beside the point, sorry to make such, but this huge loss you are recording, it's not any misconduct or anything, but it's not the responsibility of the management. Do you have any plan to return your compensation or anything? When it comes to compensation, compared to any directors, I'm the lowest in terms of compensation I receive, and about JPY 100 million altogether. Out of this JPY 100 million, all amount are donated. If my compensation decrease, that only decreasing my donation. I'm not receiving in my hands. Why it's JPY 100 million for my compensation? It's because once it re-exceed JPY 100 million, that's the threshold for the disclosure. That's why that we believe that I do need the disclosure, so JPY 100 million. If it's less than JPY 100 million, looks like I don't receive anything because I don't have to disclose, and the people may say that I'm doing something wrong, which I don't want. Also, as a source for donation, JPY 100 million, I've been making a donation. That I would like to maintain as a source for that. Responsibility for the management, I do feel the responsibility. Even I decrease my annual salary or compensation, that may not be the big thing from the company-wide point of view. Any other questions? Sanda from Nikkei Business. I have two questions. First, KE Holdings was one of the companies that you exited. My question is why? Any fundamental reasons? KE Holdings, you said? KE Holdings. Beike. Listed unicorn, and after lock-up period is over, we sell down, and one of them, one of such companies that we do is Beike. I remember Uber. Exited almost all after certain period of time since they go public, we recognize gain. The second question is about cost reduction or more specifically headcount reduction. Well, I feel it's a waste because you have built ecosystem, and you have built relationships, and network, and expertise. If you reduce headcounts a lot, you may find it very hard to restart sometime in the future. Well, I completely agree with you. That's why I have a lot of headaches that may be shown in my head. We have created great team, and relationships, and organizations. I feel really bad if we were to reduce them, but the fact is Vision Fund has recorded almost JPY 6 trillion of loss in the last six months. Not only Vision Fund, but group-wise, we have to reduce costs without any exceptions. Scale and how we are still discussing, but I just wanted to share with you our direction today. In the interest of time, last question, please. I'm okay for any longer. I mean, how long it takes. I am happy to take your questions, but I believe this will be the last question. My name is Wada from Nikkei. I have two questions. Fortress Investment Group, there are media reporting the sales of Fortress. Do you have any intention to sell? What is the position of this company inside of your group? That's my first question. Yes, thank you for your question. As for Fortress, I have a feeling that we may want to consider selling the company. The reason is clear. I just mentioned in my presentation. When it comes to the counterparty or the buyer, we would like to discuss. We have some discussion going on to some extent. There are some buyers, potential buyers, and we are ready to have a discussion with such. The reason is because of those explanations I made so that we are open for any proposal. My second question is about Alibaba share. At the first quarter, you utilize Alibaba shares for your financing quite a lot. How much are there which are the unused shares for Alibaba? How much capacity do you still have for the financing using Alibaba share? That's something that we are still discussing internally. Once we have a clear view, I would like to update you. That's all from the floor. We have one question from the Zoom. This should be the last question, which is from a participant on Zoom. Once again, please refrain from connecting to other live stream to avoid any echoing. Wada from Nikkei BP. Happy early birthday, and you'll be 65 years old in three days. How enthusiastic about your business? Well, I took a question about responsibility for the business and enthusiasm about the business. I get more and more enthusiastic about my business. If I get sick or if I lose motivation, at the time, I will retire because I don't want to cause any trouble to shareholders and employees. At the moment, I am fully energized about our business and my vision is unwavering. Thank you very much. That's the question from the Zoom. Thank you very much. Sorry about very depressing earnings results announcement. I wanted to be transparent and open book. Thank you for your participation today. Thank you very much. This concludes the SoftBank Group Corp. earnings results announcement for three-month period ended June 30, 2022. The video footage of this meeting will be distributed on demand from our corporate website. Once again, thank you very much for joining the SoftBank Group Corp. earnings results announcement for three-month period ended at June 30, 2022.