With that, we will now begin the earnings call conference for the second quarter 2026 for Mirae Asset Securities. Yes, good morning. I am Doongho Shin, Head of the ESG and IR Team at Mirae Asset Securities. Thank you very much for participating today in our 2026 second quarter earnings call. Joining us today are Mr. Sun-ho Hoe, CEO of Mirae Asset Securities, and Mr. Kang-hyuk Lee, the Head of Business Innovation and CFO. English simultaneous interpretation is being provided for our overseas investors. Today's conference call will proceed in the following order: an update on our strategic business initiatives in the second quarter in progress, a review of second quarter business performance and results by business segment, followed by Q&A. All materials for the second quarter 2026 earnings are available on our website under the Regular Reports section. A recording and transcript of today's call will also be posted on the website. Please be advised that today's presentation contains forward-looking statements based on information available at the time of preparation, and actual business results may differ due to changes in the business environment or our strategy. We will now begin with remarks from our CEO. Please refer to page two. Good morning. This is Sun-ho Hoe, CEO of Mirae Asset Securities. Thank you very much, our analysts and investors who are attending Mirae Asset Securities' second quarter 2026 earnings presentation. In the second quarter, our consolidated pre-tax income was KRW 2 trillion 528.7 billion, and net income was KRW 1 trillion 905.2 billion, up 86% and 90% respectively quarter-on-quarter. On a cumulative basis, YTD in the first half, we achieved KRW 3 trillion 886.3 billion in pre-tax income and net income of KRW 2 trillion 907.2 billion, representing an increase of 349% and 338% year-on-year. Let me highlight performance related to SpaceX separately. Second quarter pre-tax income includes approximately KRW 1 trillion 624.2 billion in valuation gains related to SpaceX. Excluding these gains, second quarter consolidated pre-tax income was KRW 904.4 billion. For the first half as a whole, valuation gains related to SpaceX amounted to KRW 2 trillion 565.9 billion. Excluding these gains, consolidated pre-tax income in the first half was KRW 1 trillion 320.4 billion. Importantly, even excluding the contribution from SpaceX, our underlying earnings generating capacity has improved significantly. This is driven by our stable earnings base centered on wealth management and pensions, the expansion of our global business, strengthening of our digital capabilities, including S&T. Second quarter results are particularly significant as in fact, they represent the highest earnings in our corporate history. Today, I would like to highlight four key areas. First, strengthening our stable earnings base through WM. Second, our global investment platform strategy. Third, our investment position in SpaceX, and finally, our shareholder return policy. First, strengthen our stable earnings base through our wealth management business. We have consistently emphasized the importance of creating a structure in which we support client asset growth, alongside corporate value growth for ourselves as well. To achieve this goal, we have steadily expanded our stable earnings base with a particular focus on the WM and pension business. Our domestic and overseas client assets increased significantly from KRW 483 trillion at the end of 2024 to KRW 602 trillion at the end of 2025, which is year-on-year growth of 25%. As of the end of the first half of 2026, client assets have reached KRW 784 trillion, representing a further 30% increase from the end of last year. Pension assets have also steadily grown, surpassing KRW 80 trillion in the first half, an increase of KRW 23 trillion from the end of last year. The growth represents more than just an expansion of scale. It reflects the broadening of our client base and the qualitative improvement of our WM capabilities. As we strengthen our long-term relationship with clients and enhance the competitiveness of our wealth management service, our stable and sustainable earnings base is also continuing to expand. The underlying revenue model for WM is shifting from brokerage-centered to an asset allocation-centered model. Through the continued advancement of our asset allocation solution using AI and client data, we added 605,000 clients with active account pages during the first half of this year, already significantly exceeding the 540,000 increase for full year last year. Of the new clients, minors accounted for 107,000, meaningful development, showing that we are expanding to the next generation. Going forward, the competitiveness of wealth management will ultimately depend on how effectively we provide expert-level services to a broader range of clients. We will leverage our AI and digital capabilities to build a digital WM platform that enables all our users to experience professional asset allocation services. We will also combine the VIP wealth management capabilities of our private wealth management business with the competitiveness of our digital platform to further enhance the productivity of WM. We also see significant growth potential in the Korean capital market. Current forward PE of the KOSPI is below 6 x, making Korea and the likes of Samsung Electronics and Hyundai one of the most undervalued equity markets in the world. Given these attractive valuations, there is great growth potential, especially in the Korean retirement pension market, which has surpassed KRW 554 trillion, will be very significant room for further upside. The 30% lift on risk-free or low-risk assets such as bonds within the retirement pension portfolio, was introduced 20 years ago. It significantly constrains investment for pension customers, and we believe the rule should be improved in a more rational way. We will proactively respond to these changing market conditions and grow alongside our clients to build up long-term assets. Second, our global investment platform strategy. We will expand beyond the domestic market. A key priority is to enable our clients to access investment opportunities across the world through a single platform. We are preparing a next-gen wealth management ecosystem, connecting both traditional and digital assets, providing access to global wealth management services without the constraints of geography or time to broaden our clients' investment opportunities and further avenues of growth for our company. June, we successfully launched MAPS, our global investment platform in Hong Kong. Leveraging our local license, we have established an environment where clients can trade both traditional and digital assets on a single platform. We are planning a phased expansion into other major markets, including the U.S., Singapore, Japan, and Australia. We also built our own inbound distribution platform, enabling global investors to invest directly in Korean equities and ETFs. This will reduce our reliance on external platforms while further strengthening our global WM competitiveness. We are also preparing for the future in digital finance. In line with the planned institutionalization of the STO platform or framework in 2027, we are preparing the necessary infrastructure according to schedule. Building on the synergies with Korbit, which recently changed its name to Digital X, we will further expand our digital finance ecosystem, including RWA tokenization and security tokens. Ultimately, our goal is to build a global wealth management platform that combines AI and digital asset capabilities as we target the global financial market as our addressable market. Let me discuss our investment position in SpaceX. From the beginning of 2022, when we made our investment, we have focused on its long-term growth potential. Our investment thesis was never based on SpaceX simply as a space launch company. We saw SpaceX as a global digital infra platform connecting space, communication, AI, and national security, built around Starlink as a base. Ultimately, we believe the essence of investing lies not in short-term price movement, but in the long-term value of a company. Going forward, we will continue to assess long-term corporate value based on innovation-driven growth and business competitiveness. We will also continue to manage our investment portfolio. We will closely monitor market conditions and risks and manage our positions in a flexible and dynamic manner. We will pursue opportunities for returns while adhering to our disciplined risk management principles to contribute to enhancing shareholder value. Finally, let me discuss our shareholder value enhancement policy, which is a key management priority. In June, we did KRW 300 billion in share buybacks as part of our efforts to boost shareholder returns. The buyback consisted of KRW 200 billion in common shares, KRW 10 billion in first preferred shares, and KRW 90 billion in second preferred shares. We included first preferred shares in the buyback for the first time, taking into consideration the valuation gap between our common and preferred shares. In July, we fully retired the treasury shares that had previously been acquired for cancellation. The shares canceled comprised approximately 16.55 million common shares, 620,000 first preferred shares, and 9.23 million second preferred shares, representing the largest share cancellation in history, with an acquisition value of more than KRW 500 billion. We will continue to allocate capital efficiently and build a virtuous cycle in which the value that we create is shared with our shareholders. We will maintain close communication with the market regarding our plans for the use of treasury shares and our three-year shareholder return policy, which will take effect next year ahead of the announcement of our preliminary third quarter results. We believe that a company's value cannot be measured by a single number. It is about growing our client assets, expanding our earnings base, and creating new growth opportunities in the global market, and translating that growth into greater shareholder value. Creating this virtuous cycle is the heart of the corporate value that we seek to deliver. We will not limit ourselves through changes in the domestic market as we continue to seek out new opportunities in the global market. We will deliver better investment experience for our clients, sustainable long-term value creation for shareholders, and set new standards for financial services in the market. By delivering sustainable earnings growth and improving capital efficiency, we will continue to build a company where our clients and shareholders can grow together. Good morning. I am Kang-hyuk Lee, Head of Business Innovation Division. I will now walk you through key performance highlights for Q2 2026. Please turn to page three of the earnings release. As mentioned earlier, we achieved record high earnings in Q2, significantly outperforming our past performance. As of the end of Q2, consolidated equity stood at KRW 16.2 trillion, with an annualized H1 ROE reaching 39.5%. In particular, our core domestic businesses, brokerage, wealth management, and trading, maintained balanced profit growth, once again setting new historical records. Pre-tax income from overseas subsidiaries driven by QoQ growth in normalized earnings of alongside valuation gains from investment assets reached an unprecedented KRW 609.1 billion. Key principal invested PI assets, including valuation gains from SpaceX, recognized approximately KRW 1.6407 trillion in gains. Combined client assets comprising KRW 693 trillion domestic and KRW 91 trillion overseas, posted a total of KRW 784 trillion, recording a 19% growth QoQ. Page four provides a summary of our financial performance for your reference later. Moving on, I will present the detailed results by business arm, but I'll start with brokerage performance. Please refer to page five of the earnings release. Brokerage fee income rose 36% QoQ to KRW 625.6 billion, setting another all-time high. Domestic equity fee income grew 31% QoQ to KRW 445.3 billion, while overseas equity fee income surged 52% QoQ to KRW 180.3 billion. The average domestic equity commission rate edged down 0.2 basis points QoQ to 2.7 basis points, whereas the overseas equity commission rate rose 0.6 basis points QoQ to 15.5 basis points. Q2 average daily trading value in the domestic stock market rose 35% QoQ to KRW 90.0 trillion, renewing an all-time high in the history of the Korean equity market again. Notably, trading values on KOSPI and KRX markets jumped 44% and 49% QoQ respectively, accounting for 85% of the total market average daily trading value, which was KRW 90 trillion. Beginning September 14 this year, introduction of the aftermarket on KRX will extend the market into 8:00 P.M., and we expect an increase in trade volume as well. Total stock assets under custody, combining domestic and overseas equities, grew 23% QoQ to KRW 438.9 trillion. Overseas equity assets grew 30% QoQ to KRW 61.6 trillion, while domestic equity assets increased 22% QoQ to KRW 377.2 trillion. Client margin loan balance declined by KRW 300 billion QoQ to KRW 6.6 trillion, with margin income reflected under interest income in our financial report remaining stable at KRW 90.8 billion, similar to the previous quarter. To respond to recent market volatility, protect client assets, and maintain a stable trading environment, we adjusted our domestic equity margin rate structure. This proactive management measure aims to mitigate loss risks from excessive margin trading and cushion market shocks, and we will continue to monitor market conditions closely to provide a secure investment environment. Our domestic m.Stock platform ranked first in monthly active users for seven consecutive months from last December through June, rapidly strengthening its client base. In Q2, alongside monthly active clients, frequent sign-ins for 7+ days and active trading clients both increased, demonstrating that platform growth is advancing beyond simple user acquisition to sustained engagement and real Investment Management activity. Going forward, we plan to convert this client base and traffic into trading activation, financial product sales, and AUM growth, further solidifying our position as Korea's leading investment platform. Additionally, we are promoting the tokenization of various assets, along with the development of supporting trading platforms and wallets. Furthermore, we plan to review potential collaboration with former Korbit, recently rebranded as Digital X, seeking multi-directional plans to create business synergies. Regarding STO preparations for key product launches, including MMFs and beneficiary certificates, we are constructing a tokenization platform linked with the Korea Securities Depository, KSD. As our first domestic brokerage to integrate systems with KSD, we completed the interlinking necessary for KSD to execute securities rights management and electronic registration directly on our platform. Furthermore, to tokenize MMF products, the technology enabling the full process from MMF sales to profit distribution on a distributed ledger basis has been validated, among other sequential building of foundations for commercialization. Next, moving on to wealth management, WM, performance. Please refer to page six of the earnings release. Q2 financial product sales fee income rose 16% QoQ to KRW 131 billion, surpassing the previous quarter's record high. In particular, fee income from wrap accounts, mutual funds, and retirement pensions accounted for 40%, 29%, and 23% of total WM revenue respectively, each breaking all-time high records once again. WM assets grew 14%, or KRW 30.4 trillion QoQ to KRW 254.4 trillion. Total client assets, combining WM assets and stock brokerage assets, surged 19%, or KRW 111.6 trillion QoQ to KRW 693.3 trillion, replacing last quarter's all-time high record. To achieve a sustainable mid to long-term growth, we are steadily building a stable revenue base. Using domestic and global AUM expansion as our core foundation, we are continuously raising the proportion of fee-based revenue centered on wealth management fees. Going forward, expanding client assets will mitigate revenue volatility and establish a resilient earning structure over the mid to long term. As of the end of June, total pension assets increased by KRW 16.5 trillion QoQ to KRW 80.8 trillion, with retirement pensions at KRW 52 trillion and personal pensions KRW 28.8 trillion. Despite an increasingly competitive market environment, our retirement pension reserve growth rate over the past year exceeded 60%, about 2.5 x the market average. Since 2020, our CAGR has also reached approximately 30%, showing growth about twice as high as the market. Of our total pension assets, ETFs account for 59%, surging by over 200% compared to the end of 2024. The pension business is structured so that reserve increases lead to steady fee income growth. As ETF trading, model portfolios, robo-advisors, default options, and other asset allocation services expand, additional revenue bases are strengthened as well. Moving forward, beyond simply growing our volume, we plan to continuously reinforce this snowballing growth structure where pension asset growth accelerates revenue growth. In the WM arm, we are positioning an advanced digital PB organization at the forefront to expand existing in-person focused WM services into non-face-to-face and online areas. We continue to refine hyper-personalized solutions so clients can experience expert-level, hands-on wealth management without physically visiting a branch. Next, moving to trading and other financial income. Please refer to page seven of the earnings release. Trading and other financial income comprises gains and losses from traditional trading in equities, bonds, derivatives, as well as Sales and Trading and flow trading on a separate basis. It also includes FX income and valuation disposal income from separate basis principal investment and IB-held assets. Total trading and other financial income surged 107% QoQ to KRW 836.9 billion. This includes KRW 111.3 billion in dividend and distribution income and KRW 725.5 billion in trading and other financial income. Profitability improved across all trading desks QoQ. Within trading income, equity trading accounted for approximately 46%, S&T Sales and Trading 31%, management gains from IM and promissory notes 7%, bond trading 6%, and others took up 10%. The bond balance remained rather flat QoQ at KRW 42.8 trillion. Despite domestic and global budgetary policy shifts and heightened rate volatility in Q2, thanks to conservative positioning, increased hedging, and agile trading aligned with market conditions, we delivered solid returns QoQ. In the second half of 2026, we will maintain a stability-focused portfolio while also flexibly capturing revenue opportunities as market dynamics evolve. In Q2, despite sectoral divergence in domestic equities with daily average trading value rising 59% QoQ to KRW 28.3 trillion, the overall ETF market posted strong growth. Although market volatility posed challenges in disparity ratio and liquidity management, we capitalized on volatility and generated stable returns in ETF market making. Notably, this quarter, leveraging our global network through Chinese corporate IPOs, Taiwan arbitrage, and cross-border exchange arbitrage, we continued to build differentiated revenue streams. In the second half of the year, in anticipation of potential crypto spot ETF approvals, we will monitor regulatory updates while preparing LT and hedging trading businesses. At the same time, we plan to adapt to extended trading hours and ETF trading on the Nextrade market, while addressing shifts in investment demand by expanding principal, partially protected, non-complex ELFs, and other retirement pension-dedicated products. Next is consolidated PI valuation gains. In Q2, in valuation gains from innovative companies, we recorded KRW 1.6407 trillion. This includes, based on its end of June closing price of $178.86, KRW 1.6242 trillion in valuation gains from SpaceX listed equity. SpaceX recently experienced short-term supply-demand pressure following post-IPO lock-up expirations, and we acknowledge market concerns. With the larger positioning, the volatility is leading to concerns about how it is going to impact the income. However, the current share price, our acquisition price was $34, and the valuation price at the end of Q1 was $105. Despite the lockup, we were able to obtain a quite high price, and the price is currently very closer to the offering price of $135. The release is taking place on a quarterly basis. SpaceX might impact our income negatively or profitably, but SpaceX is actually going to enjoy a dominant and monopoly position thanks to Starlink and the data center and Grok AI. All things considered, it has a very diverse vertical across AI businesses. On an annual basis, it is going to potentially, and most likely, impact our revenue base quite positively in Q2. In three companies listed on The Hong Kong Stock Exchange, we've made new cornerstone investments. These are AI and bio-healthcare unicorns with strong growth potential in future tech ecosystems. With stricter Hong Kong IPO listing standards, the quality of listing candidates is expected to improve. Leveraging our track record and market reputation in Hong Kong, we continue to secure premium cornerstone opportunities unavailable to standard institutional investors. Based on this competitive edge, we plan to selectively increase cornerstone investments across China and Hong Kong. Next, moving on to IB performance. Please refer to page eight of the earnings release. IB fee income grew 55% QoQ to KRW 42.8 billion. In Q2, despite market headwinds such as KOSDAQ sluggishness and commodity inflation limiting deal flow, driven by underwriting fee, M&A advisory fees, and IPO fees, performance improved QoQ. In IPOs, we completed three KOSDAQ listings in Q2, bringing H1 total to five, while securing a healthy pipeline with seven additional lead mandate contracts. In alternative investment, despite reduced deal sourcing opportunities due to a sluggish domestic real estate PF market, we are actively pursuing revenue opportunities through AI national infrastructure, data center development projects, and state-backed guarantees from Korea Housing & Urban Guarantee Corporation and Korea Housing Finance Corporation. Corporate lending income, classified as interest income in reports, increased 33.5% QoQ to KRW 36.3 billion. Venture capital commitments continue to expand significantly above regulatory minimums. We will remain committed to providing growth capital, a core mandate for brokerages, through vehicles such as a national growth fund. Next, moving on to overseas subsidiaries performance. Please refer to page nine of the earnings release. Overseas subsidiaries posted a record pre-tax income of KRW 609.1 billion in Q2, up 150% QoQ. The overseas contribution to total consolidated pre-tax income grew by 6% QoQ to approximately 24%. Overseas net profit ROE reached 24.8% in QoQ, up 10.8% QoQ. Overseas subsidiaries recognized KRW 500.2 billion as SpaceX valuation gains in Q2. Including SpaceX, pre-tax profit was KRW 108.9 billion in Q1. Excluding SpaceX, pre-tax profit was KRW 86 billion, and an over 25% growth in normalized earnings was demonstrated QoQ, reflecting steady momentum. By key region, pre-tax profit broke down as follows: U.S. 37%, Hong Kong 35%, London 18%, India 5%, and Vietnam/Others 5%. Developed markets, U.S., Hong Kong, and Europe, driven by flow trading and PI investments, accounted for 92%, while emerging markets focused on brokerage and WM made up 8%. Next, Q2 achievements. Q2 achievements for overseas subsidiaries. As mentioned earlier, the Hong Kong subsidiary's launch of MAPS, a mobile platform designed to trade traditional and digital assets in one place within our WA marketplace, scheduled for future integration. Our Singapore subsidiary completed regulatory applications to expand its retail license scope and obtain a security token trading license while currently developing infrastructure for retail entry. Furthermore, in July, we launched an omnibus account service for foreign investors with UOB Kay Hian. Also in July, we completed incorporation of subsidiaries in Australia and Japan and are evaluating local brokerage acquisitions across developed markets. Lastly, SG&A expenses. Non-consolidated SG&A expenses rose by KRW 327.7 billion year-over-year, and KRW 172.4 billion quarter-over-quarter to KRW 670.4 billion. This reflects higher education taxes due to rate hikes, performance-based compensation tied to earnings growth, and transaction taxes driven by higher trading volumes. Nevertheless, the SG&A to net operating revenue ratio declined 9.2% quarter-over-quarter from 53.8% - 44.6%, improving cost efficiency. This concludes Mirae Asset Securities' Q2 2026 earnings conference call. Thank you. Yes, we'll now begin the Q&A session. For those with a question, please press star and number one on your keypad. To cancel, please press star and number two. The first question will be by Mr. Yoon Yoodong from NH Investment & Securities. Good morning. Thank you for giving me the opportunity to ask a question. As was explained earlier, Mirae Asset Securities' business structure is differentiated from other brokerages, and so it seems to lead to higher stock volatility. Sharing your long-term direction and status of overseas and new businesses would help forecasting stock prices going forward. Thank you for that question. Our business structure is differentiated from other companies, and that seems to be the assumption that it leads to higher stock price volatility. However, in the earnings call, we have consistently stressed that our differentiated business structure is that WM pension global business flow trading lead to a stable revenue. That takes a large proportion of our business, and it is showing steady growth. At the same time, discovering innovative businesses overseas and domestically, and also we are attaining plus alpha in early investments in such areas. Global business takes up more than 20% of our total business, which is quite solid. We are one of the rare net export financial institutions, and in the digital asset era that is soon to come, we are most actively preparing, so we would also call ourselves an innovative company. Instead of focusing only on traditional assets, in terms of bringing more potential, we do have to get recognized at some premium. But this year's stock price volatility probably due to our holdings in SpaceX because the stock prices went up and then there was a slight decline after the listing, and that led to perhaps the volatility. As was mentioned earlier, SpaceX's stock prices volatility isn't really something that is quite concerning. Our differentiation, I'd like to share with you our overseas businesses and upcoming overseas businesses. U.S., Hong Kong, Singapore, and Japan, such advanced markets are those that where we are targeting to bring in WM brokerage business. Online trading is becoming dominant trend, and ETF investment is growing in proportion. Focusing on semiconductors businesses, the investors are showing more interest in the Korean market and companies. I believe that this sets the optimum environment for us to venture into WM businesses in advanced markets. As a first step, we have already launched the MAPS brand in Hong Kong, and we are in the last stages of acquiring an online brokerage in the U.S. and Singapore. We are securing WM brokerage license and also undergoing MTS development. We have also completed incorporation of subsidiaries in Japan and Australia and preparing for business. We are also reviewing potential acquisition of an online brokerage in Japan. Our acquisition of brokerages in the U.S. and Japan is still yet under wraps, and because we are under NDA, we cannot share details at this point, but we will be sharing with the market as soon as possible. Ultimately, we would like to integrate our MTS that are already launched or being launched overseas into a unified global investment platform. We are going to attain a customer base and AUM, and not only traditional assets, but digital assets, encompassing tokenization, digital wallet custody, and a payment that will provide the investment infrastructure, as you may well know. Through our subsidiary, we have acquired, formerly Korbit, now branded as Digital X, and we are preparing for a digital asset era most actively among all of the financial institutions. As we conduct WM business in the U.S., Hong Kong, and Japan, which are much more open markets than ours, if we are able to experience digital trading business, we will have much differentiated competitive edge when digital asset trade becomes active in Korea in the future. Next question, please. Yes. Next question, please. The next question will be by Mr. Kang Sung-kaan from KB Securities. Please go ahead. Thank you for the opportunity to ask a question on SpaceX. It seems that in the second quarter following Q1, valuation gain from SpaceX actually made a significant contribution. But in the mid to longer term, it can be a positive factor. But given the characteristics of an individual company, it can lead to some short-term swings in valuation gain or loss. So with SpaceX valuation gain could be a source of added volatility to your future earnings. The sensitivity to this type of exposure, it does seem that you need to find ways to mitigate against that kind of exposure. If you could share what kind of plans you have in place and in the future for Mirae Asset Securities in terms of forecasting your future earnings. As of the end of the second quarter, what is the size of your valuation gain in terms of your SpaceX position? That would be very helpful in our forecasting in terms of future earnings from SpaceX. Thank you very much for the question. As we have continued to explain, for SpaceX, given current share price relative to acquisition cost, we have already generated more than 4x the original investment cost in return. But the share price closed at $170 per share as of June end, which is at the end of the second quarter reporting period. Then as we entered the third quarter, share prices did fall upon concerns of supply pressure, as the lockups were set to expire. But actually, the prices have recovered back to IPO price levels after expiry the first lock up, and we are seeing stable flows based on confidence in the mid to long-term growth potential of SpaceX. And I think that is a key driver behind the stable share price movement that we have been seeing. As we continue to emphasize, by regulation, we do have to report our performance on a quarterly basis. So for certain quarters, certainly, the returns may be modest in some quarters, sometimes it might even be in the negative territory, or it may be outside like in the first and second quarter this year. But given the underlying growth potential and the exclusive positioning of SpaceX on an annual level, we expect this asset to deliver significant contribution overall to our earnings. So obviously, we do understand, we know that you have concerns about volatility. So certainly, we all agree that we have to find mitigating measures against the volatility. So during the IPO, we did receive some additional allocation of shares, around KRW 300 billion worth. So for that block, we have hedged our exposure. For the remainder of our investment, those shares actually are held through investment funds, mostly Cornerstone. Well, with the exception of the KRW 300 billion, the Cornerstone allotment that we received in the IPO, we had existing investments in SpaceX which are under lockup. Same for the other investors as well. So it is hard for us to hedge against the entire exposure. In the second quarter, regarding the KRW 300 billion, the Cornerstone portion, we did classify as FVOCI on the balance sheet, so it does not impact our P&L. And then as lockups sequentially expire, we will observe developments to examine different hedging methods, if required, to obviously minimize any impact to our P&L. But I do want to emphasize again that we have already generated more than 4 x returns on our SpaceX investments to date. It is a successful investment, and given its potential, we think any volatility to our earnings will be short-term. And beyond quarterly gains on a full annualized level, we do expect significant contribution to our earnings. If anything, our SpaceX exposure should be a premium to our share prices, not a discounting factor as well or at all. Also, for SpaceX, like I said, the valuation gain as of today from. Well, the share price is around 170 per share. That is the basis of our announcement today. And so valuation will occur on a quarterly basis. Of course, there can be one factor, hedging or OCI classification. There are different means that we can decide to employ. In that case, that could lead to slight differences. As of the end of the second quarter, at present, on a consolidated basis, our overseas subsidiaries, all told a total of KRW 5 trillion in terms of our total SpaceX valuation exposure. So this includes all of our overseas subsidiaries as well. Thank you very much. Now, due to the time, we will now conclude the second quarter 2026 earnings call for Mirae Asset Securities. I would like to thank all of our analysts and investors for joining us today. If you have any further inquiries, please contact the ESG&IR team at Mirae Asset Securities. Thank you very much.