It's time to begin the meeting. Thank you very much for taking time over your busy schedule to join us for the ORIX Corporation Third Quarter Earnings Call for Fiscal Year Ending March 2025. I'm the master of ceremony today, my name Nakane from IR Sustainability Department. Thank you for this opportunity. And today, we have operating officer in charge of IR, Kazuki Yamamoto, participating in this meeting. And before we begin, we would like to ask the participants to make sure to turn off any communication devices such as mobile phone nearby in order to prevent feedback or keep it away from the phone. Mr. Yamamoto's presentation will be followed by Q&A. Yamamoto-san, please start.

Thank you for the introduction. I appreciate you taking the time to join us for ORIX Group's financial briefing. My name is Kazuki Yamamoto, and I'm responsible for Corporate Planning and Investor Relations. I would like to discuss our financial results for the third quarter of the fiscal year ending March 31, 2025, which were announced today at 3:00. Please look at Page 2 of the presentation material for the main points I want to share. First, I will talk about net income. For the third quarter, net income was JPY88.8 billion, bringing the total for the nine months ending in December 2024 to JPY271.8 billion, a 24% increase year-over-year, which corresponds to an annualized ROE of 9%. This represents 70% progress toward our full year net income target of JPY390 billion for FY '25. This also marks a record high for the nine months year-to-date period. Next, I will discuss the progress in our three portfolio categories. The Finance category has remained a stable source of earnings. Increased Insurance investment income and other factors offset the profit decline related to the transition of ORIX Credit into an equity method affiliate. In the Operations category, we recovered performance in asset management and airport operations, with contributions from Santoku shipping. In Investment, we realized gains in multiple segments including domestic private equity, real estate, and overseas renewable energy. Consequently, we achieved the previously mentioned 24% increase year-over-year. Moving to shareholder return, as of December 2024, we completed JPY50 billion in share repurchases, reaching the upper limit of our buyback program announced in May last year. Our policy has been to maintain treasury stock holdings at 5% of the total shares outstanding, canceling any amount above that threshold. While that policy remains unchanged, we have chosen to cancel treasury stock exceeding 2% of total shares outstanding to avoid holding excessive amounts. The full year dividend will stay the same as the higher of either last year’s actual DPS or a payout ratio of 39% of net income. As I mentioned, net income for the nine-month period ending December 2024 rose by 24% year-over-year to JPY271.8 billion, with an annualized ROE of 9%. Our solid performance in the third quarter has us aiming for record high net income for the full year. Now, please turn to Page 4, which outlines the progress in each category against our annual targets. The bar chart on the left displays the results for FY '24 and FY '25, while the chart on the right shows the full-year results and forecasts. I will focus on the chart on the left, representing cumulative third-quarter results. The dark blue segment is Finance; segment profit decreased by 3% year-over-year to JPY137.1 billion, achieving 69% of our full-year forecast. ORIX Credit profit was previously included in Finance, but it is now part of the Investment category. Taking that into account, higher investment income in the Life Insurance segment contributed to profit growth. Next is the pale blue segment for Operations. Segment income rose by 2% year-over-year to JPY161.4 billion, achieving 67% of our full-year forecast. Strong performance in airport concessions driven by inbound travel contributed to profit growth in the asset management business. Additionally, Santoku shipping, which joined ORIX Group last fiscal year, continued to show year-over-year growth in this category, along with Rentec and Auto. Finally, the dark pink segment is Investments. Segment income surged by 86% year-over-year to JPY129 billion, with significant growth stemming from exits in several projects. The overall progress rate stands at 69%. Consequently, total segment profit rose by 16% year-over-year to JPY427.5 billion in the fourth quarter. Now please turn to Page 5, which updates ROA and asset size for each category. In Finance, we expect stable earnings supported by macroeconomic changes, albeit with regional policy differences. In Operations, airport concessions, and real estate facilities operations in Japan are strong, and the asset management business in Europe is driving growth. In Investments, we will continue capital recycling to enhance profitability. Please look at Page 6, which shows our three categories and ten segments in a matrix format, unchanged from the previous version. Now on Page 7, we will discuss progress in capital recycling. We achieved capital gains of JPY95.5 billion for the nine-month period ending December 2024. Cash from sales during Q1 to Q3 totaled approximately JPY370 billion, while new transactions reached around JPY430 billion. In the third quarter, alongside partial sales of shares of Ormat, we announced a share transfer agreement for Greenko and a new investment in AM Green. As stated in our press release of January 20, 2025, the share transfer agreement for Greenko and investment in AM Green depend on acquiring a license under Indian competition law and related financing matters, meaning they are not included in third-quarter results yet. The impact on business performance is still uncertain as the gain on sales will fluctuate with exchange rates and other factors. However, based on the exchange rate as of January 16, 2025, we anticipate a pre-expense gain of around JPY96.5 billion. Additionally, we expect to underwrite USD731 million in AM Green’s convertible bonds. In terms of capital recycling, we will focus on new investments while keeping a balance between divestments and acquisitions primarily within Investments. Pages 8 and 9 provide segment summaries. While further details for the ten segments are available on Page 12 and beyond, I will summarize the information using Pages 8 and 9. Starting with Corporate Financial Services and Maintenance Leasing, segment income rose by JPY5.6 billion or 9% year-over-year to JPY66.2 billion. We experienced gains from the sale of an investee in Corporate Financial Services, while ORIX Auto continued to excel in used car sales, buoyed by a surge in inbound travel and recovery in domestic travel. Rentec also saw profit increase driven by demand for Windows PC replacements and some divestments. For the Real Estate segment, profit increased by JPY7.4 billion or 14% year-over-year to JPY59.7 billion, attributed to higher profits from real estate investments and operations. We recorded significant sales, including a large multipurpose property, Hundred Circus, along with a strong performance in hotels and facilities operations. The large renovation of Suginoi-Hotel that started in 2019 has completed, and the new guest room building, Hoshi Kan, with over 300 guest rooms, opened on January 23, 2025. On February 3, ORIX Real Estate Investment Advisors announced the launch of ORIVA, a JPY100 billion capital commitment-based real estate fund focused primarily on office, logistics, and residential properties. In terms of the PE and Concession segment, profit rose by JPY42.8 billion or 184% year-over-year to JPY66.2 billion. The PE investment unit benefitted from gains from the sale of Sasaeah Holdings, while earnings from PE investees aided profit growth. Kansai International Airport continued to perform well, with the reopening of the Terminal 1 building scheduled for March 27, 2025. This is expected to boost the international passenger capacity of Kansai International Airport significantly. Profit in the Environment and Energy segment decreased by JPY12.7 billion year-over-year to JPY17.2 billion due to lower profitability in electric power retail and higher reconstruction costs for existing facilities. While our overseas renewable energy business faced losses early in the year, gains from selling Ormat shares and valuation gains brought it back to profitability. We have opted to sell our shares in Greenko and reinvest in AM Green, focusing on next-generation energy ventures with significant growth potential. In the Insurance segment, profit increased by JPY7.7 billion or 14% year-over-year to JPY61.7 billion, driven by diversification in asset management and strong performance from ORIX Life. Sales of Moonshot, a recently launched whole life insurance policy, were robust. Segment assets grew by JPY83.4 billion to JPY3.0053 trillion due to asset management expansion. In the Banking and Credit segment, profit decreased by JPY5.3 billion to JPY22.1 billion compared to last year, attributed to lower contributions from ORIX Credit. However, segment assets grew by JPY126.6 billion to JPY3.0608 trillion, driven by asset growth in merchant banking. In the Aircraft and Ships segment, profit rose by JPY15.6 billion or 54% to JPY44.6 billion year-over-year, capturing increased air travel demand. The Ship unit also benefited from contributions by Santoku Senpaku. Segment assets increased by JPY156 billion to JPY1.3256 trillion, of which JPY44.6 billion was due to foreign exchange. Profit in ORIX USA declined by 22% to JPY27.8 billion compared to last year. Although private credit remains robust, the real estate mortgage profits dipped due to higher interest rates, whilst origination volumes are recovering. PE in the U.S. rose due to sales gains. In ORIX Europe, profits increased by JPY7.7 billion to JPY38.1 billion year-over-year, benefiting from favorable market conditions for assets under management, which reached a record JPY379 billion. Profits increased alongside rising fee income. In the Asia and Australia segment, profit decreased by 7% year-over-year to JPY27.9 billion due to weak business confidence in Greater China, despite increases in leasing income in South Korea, India, and Australia. Lastly, please refer to Page 10, summarizing our current operating outlook and direction. At the announcement of our first-half results in November, our CEO noted expectations of gradually rising interest rates and a weakening yen in Japan, while cautioning about geopolitical instability and inflation overseas. Our views remain consistent with those earlier statements. In Japan, we are observing a new policy rate following years of low interest rates, which has led to rising costs and concerns regarding yen stability. We remain cautious in our investment judgments. As for Operations, we aim to leverage the benefits of asset ownership while transitioning to an asset management model, expecting inbound business growth to persist. In Renewable Energy, we must navigate uncertainties in interests rates and costs. However, long-term demand for clean energy remains strong, guiding our investment approach. In Finance, we will monitor different trends and make investments based on risk and return profiles accordingly. As we move through FY '25 and beyond, we aim to capitalize on our diversified business portfolio, make informed investment decisions, and manage exits amidst uncertainty. With a new COO, Take Takahashi, we are focused on providing solutions to societal issues while optimizing opportunities across segments. We are working towards achieving record profits this fiscal year and believe that sustained growth is achievable with the dedication of all ORIX employees. We will emphasize capital recycling and effective asset management globally to enhance profitability. We have just under two months left in the fiscal year, and we are focused on meeting our target of JPY390 billion in net income while planning for future growth. Thank you for your attention.

Thank you. We are now ready for the Q&A session. First, we have Sato-san from JPMorgan.

I am Sato from JPMorgan. I have one question. So in various different area or on different occasions, I know you have been sharing your view about the U.S. economy, especially ORIX USA. The subsegment of ORIX USA, do you have any kind of vision or the expectation for the future? And how long would it take before you think that you can normalize the business so that you can turn profitable again? And in addition to that, on Page 27, as you always share, so for the third quarter, the stand-alone third quarter, Credit profit seems to be weak. So if you could be so kind enough to share with us the reason why for that as well, that would be helpful.

Thank you for your support. I would like to refer to Page 27 of our slide deck to explain our Credit-related businesses. As mentioned, our business lines include loan fund generation, NXT Capital, CLO origination, and Signal Peak Capital. These businesses focus on leveraged loans and structured finance. Regarding our CRE-related businesses, we only invest in opportunities that meet our criteria. Compared to last year, there are no significant changes to report. We successfully issued a new CLO with Signal Peak back in January, and we are seeing improved business impacts. We are enhancing our sales and marketing capabilities to secure mandates for our funds rather than simply expanding the business size. In terms of real estate origination, the agencies like Freddie Mac and Fannie Mae are still operating in a high-interest-rate environment, which has affected our origination capabilities. However, we remain focused on acquiring more profitable businesses, despite a slow start in the second and third quarters. We are revisiting our asset management strategies and may need to make some provisions, but we are working on improving our asset quality. While it may take some time, we anticipate signs of recovery next year and will seize opportunities as they arise. We are looking to expand our construction and other business opportunities while managing risk. Our business direction is showing signs of improvement. The middle market private equity sector continues to face uncertainties due to costs related to CPI and employment. While our top line and profitability show improvements, we still need to absorb these cost increases. We may need to wait before we can see significant activity and will monitor the new administration's policies and the M&A market to formulate our next strategies. I apologize for the lengthy response, but I hope this addresses your question.

Regarding the Credit segment profit that you mentioned, the base profit and capital gain haven't been separated this time. For the third quarter on a stand-alone basis, I believe the profit is $337 million. While you were disclosing the base profit, this represents a capital gain. It appears that the level seems to be smaller. May I assume that the CCS buildup was nonexistent?

It wasn't a specific individual type of provisioning, but rather the overall flow of deals and the environment has started to show some signs of improvement. There was definitely a slowdown reflected in the profit and loss statement. However, there are no significant concerns regarding originations or deal flow. As for the portfolio quality, the monitoring impact continues to remain stable.

SMBC Nikko Securities, Muraki-san.

This is Muraki from SMBC Securities. My question is regarding the midterm plan's ROE target and growth rate target. What is the current discussion on this? Financial institutions in Japan and abroad often set EPS growth targets, with share buybacks frequently identified as a key growth driver. They clearly position share buybacks in that way. Is there a possibility of adopting a more aggressive stance on share buybacks at ORIX, or emphasizing their importance even more than before?

At the Board meeting today for the Q3 earnings, the next midterm plan and business plan was actively discussed. Update is looking at the progress of the discussion of the midterm plan so far. Since we made announcement in May 2022, well, that was actually immediately after COVID-19 pandemic, there were a lot of uncertainties. But we had the Russia-Ukraine issue and also inflation, high interest rate, all of these different factors happened together more than we had expected. Now going forward, technological advancements and market changes will have to be looked at over the longer term. And then we have to back cast and figure out organic and inorganic growth strategies. So these are the things that we're discussing. In terms of numerical targets discussion, I believe that this will require some more time before we get there. And under the new COO, we would like to continue our internal discussion. We also have a capital policy. Now share buyback, as you may know, other companies following the TSE guidance and they are now aware of that, but ORIX has embarked on this much earlier than them. And as you may know, as you can see on Page 37 on the right-hand side, this is a track record of our share buyback so far. About JPY50 billion share buyback has been done over the last six terms or so – six periods. So in terms of the EPS growth, you can see the information on Page 38, the next page. As you can see, we have been keenly aware of this from very early on. So this is one of the things that we are discussing currently is ROE. So higher end of the 9%, unfortunately, we are still not double digit. And the 11% is the target that we've been communicating to the market for a while and we still have some way to go. Interest rates going up and financing cost is changing. And A rating, cheap debt strength should be leveraged for the future growth as well. So we have to discuss the patterns. 11% target achievement or going beyond that, well, we want to show the path to achieve that in our midterm plan as well as the business plan going forward. We believe that this is an important thing for us to show in our plan. So this is already within our sight. I hope you understand. Last but not least, I think you have asked a question about the profitability growth as well. Leveraging the assets and segments, this is the conventional way. We are also turning a focus on asset management and more diversified financing approaches. So we want to achieve this on as many fronts as possible in order to sustain the growth of profitability. Profitability growth could slow down because of the changes at least for the short term, so we need to look at the transformation and also the ultimate corporate value enhancement. And the balance between the two, we will have to discuss for each of the businesses, and that's exactly what we're doing. So each of these steps actually takes time. So as soon as we have something that we can share with you, we would like to share that information with you. I hope this answers your question.

So we have Sakamaki-san from Mizuho Securities.

I am Sakamaki from Mizuho Securities. I have a question. So this is going to be slightly shortsighted, but with regard to the achievement of your plan for this year, Greenko divestment will be towards the end of the month. If this would not be executed by the deadline, do we have to think about the second plan? Would you remain to be flexible in order to achieve the plan for the year? And what would happen to the dividend payout should this not be reflected in the earnings of the full year?

First of all, with regard to Greenko, it goes without saying it is dependent on the buyer of the shares, but we think that there's a high probability of the sales being executed by the end of the year. So this, we would give priority to this action and we think that there is a high likelihood. But of course, if this cannot be executed by the end of the year, so JPY96 billion and also pretax profit, there will be a certain impact should this not be achieved. So would we be able to fill the gap? Is there any kind of plan B? Of course, it is very much dependent on the counter-party. And also, it is based on the assumption of the best practice execution. So therefore, it is, of course, dependent on how things will trend dependent on Greenko sales. So we have no plan B or plan C by filling the gap, in other words. So JPY390 billion of our profit achievement unfortunately cannot be achieved if this is not to be executed. However, having said that, so it was for every year there is a base profit and other profits that we generate. And it looks as if there is going to be an overshoot as compared to the initial plan for other profit expectations. I know I'm being a little optimistic, but even if there was to be the full execution of this Greenko sales, we would be able to fill some gap, but we will not be able to fill the entire gap by end of March. Of course, it is dependent on the reasons why we were not able to execute the Greenko sales and I think we would have to just continue to discuss over this topic with the executive officers and also the Board members.

Daiwa Securities, Watanabe-san.

Yes. This is Watanabe from Daiwa Securities. Page 10, on the right-hand side, this is the current status. Domestic Financial Services and inbound business, asset management seems to be the focus. Based on the macro environment, Finance business in Japan do you have a different view now on its profitability? And the base profit is in the attachment and have you made any changes to the way you think about the quality of the base profit?

Thank you for your question. I will start with the right-hand side of Page 10, discussing the finance business in Japan. Our perspective remains largely unchanged. However, interest rates are definitely rising, and the yield from asset management in life insurance and other sectors is now benefiting us positively. This will support stable profits. When considering inbound and domestic demand, the economy appears to be steady at a global level. Construction costs for new development projects typically take three to five years, or sometimes longer, to complete, and we have large MICE-IR projects in our portfolio. Therefore, we must manage overall risk and require foresight. Now, as we focus on asset management, it can sometimes be misinterpreted, but we aim to utilize third-party capital to grow our business and can provide our expertise to scale operations. Emphasizing asset management is a strategy for diversifying our financing, and we will promote a finance and investment hybrid model. This approach will enable us to enhance profitability and corporate value.

Is it going to be base profit or gain on sales or fee income?

It will be more and more diversified going forward. I didn't skip this page because I neglected it, we just said I didn't have enough time. But the base profit growth is something that the Board is very much interested in and we received a lot of instructions and comments from the Board about this. So we will continue to focus on that and combine it with capital recycling. That is the policy that remains unchanged. So please feel reassured.

Thank you very much. The next, we have Tsujino-san from Bank of America Securities.

This question is brief. Regarding the sales of Greenko, which operates in India but also has entities in Europe, I’m not sure how you’ve addressed our inquiries in the past. Last year and this year, I remember you mentioning the potential for some sales that did not materialize. However, you recently announced the sale of Greenko. What were your thoughts when you previously mentioned the idea of selling some of your businesses? Were you considering Greenko or the power generation facilities that you have under Elawan in Europe? It seems you may have been contemplating selling some assets from Elawan for about 1.5 years. Why did that plan not go through? Additionally, regarding your investment business, I understood that Toshiba contributed approximately JPY4 billion in profit on a quarter-on-quarter basis. Is there a reason why you were unable to achieve that amount?

First of all, regarding Greenko's role in the Investment business, as Tsujino-san mentioned, it operates in an emerging market and holds a minority stake, with substantial development underway. Apart from ORIX, there are other shareholders, primarily sovereign wealth funds, and we are considering this business as a target for future capital recycling. Since 2021, we've been investing in the renewable energy facility, and as development progresses, we continuously evaluate the timing for project sales. In contrast, Elawan is focused on industrialized nations, and we aim to strengthen our development capabilities. For completed projects, we plan to adopt a development model that includes securing long-term power purchase agreements to ensure a stable liquidity flow. On another note, energy prices in Europe, particularly due to the situation in Ukraine, have been fluctuating, influenced by government subsidies affecting spot prices. Consequently, the anticipated capital gains from the Elawan projects did not materialize as expected, but our core policy remains unchanged. Regarding Toshiba, we are not disclosing the profits generated from that deal. Recently, KIOXIA went public, which means there will be a delay before we recognize income from our equity investment in it. The direction we anticipate aligns with what you've outlined, and due to changes in Toshiba’s portfolio over time, we also need to make accounting adjustments. Therefore, your projections may not align with the actual numbers. Although this may create discrepancies, the overall business environment is improving.

So this is why the LP kind of gain, so rather than that, I think there should be some technical ups and downs. I was imagining that this is affecting your earnings, right?

Yes. However, if you examine the details of the investment, as previously mentioned, there is an accounting treatment involved. This includes the financial structure and the design of the fund itself, which explains the technical challenges we are currently encountering. Nevertheless, in terms of the business, it is definitely moving in a positive direction.

Nomura Securities, Sasaki-san.

Yes. This is Sasaki from Nomura Securities. My question is about the new midterm plan. You have already explained to some extent. But I'm sorry, I couldn't quite understand, so let me clarify some points with you. In reviewing the current midterm plan, you identified more new risks, so you want to apply a more conservative approach. Is that what you said? Was that your message? And also with regard to financial KPIs, you have not really discussed those yet. That's what you said. But we are already in the middle of February, and considering when ORIX usually formulates a business plan, maybe it is getting late. So does that mean that you're struggling with the discussion? And last but not least, 11% or more ROE, I think you said that this is within sight. That was my interpretation of your comment earlier. Now how can you say that 11% or higher ROE is already in sight? What is the justification, rationale behind that according to the management's perspective? Can you please elaborate?

I apologize if there's been a misunderstanding regarding our conservative viewpoint. We reviewed our previous plan considering factors like inflation, wages, and interest rates under various conditions. We established our plan in January '22 and made announcements in May, but circumstances changed afterward. Forecasting three years ahead has proven challenging. To address this, we are examining different time frames for various business segments, looking ahead five, seven, or ten years. For example, we have a project set to open in 2030 that should provide stable operations thereafter. We're discussing where we want to be in these time frames and backcasting to determine our next steps for internal control and budget management. This two-phase approach will consider the specific needs of each business and our future aspirations. Our goal remains aggressive growth, which has not changed. We are taking a different planning approach compared to past midterm plans, particularly since the pandemic. Our emphasis over the mid- to long term will be on increasing return on equity. We need to maintain or improve capital efficiency, making capital recycling and asset management critical. Achieving an ROE of 11% or higher will be challenging without these measures. We are focusing on long-term objectives rather than short-term gains, and we feel a sense of urgency to tackle these large challenges. We are in ongoing discussions at the board level about the best timing to share updates with you. I realize my response may not be entirely clear, and I apologize for that, but these discussions are still in progress. Thank you for your understanding.

So you need to do the capital recycling and you have to focus on asset management type business, otherwise, you cannot achieve 11% or higher. So this is the same discussion as before, I understand. My question is when it comes to specific measures, do you have now deeper discussions taking place because looking at what's happening around the world, there is maybe major reorganization or restructuring going on. So I don't think you can spend a lot of time just discussing. So do you already have specific plans being discussed at the BOD level?

As you pointed out, whether we are accelerating our progress or not, strategies like buying low, selling high, and capital recycling are important, but they aren't the only considerations. For our current investments, the rate of return may not be as high as it could be. Therefore, we need to adopt a stricter perspective and delve deeper into the conversation about capital recycling. Failing to do so could gradually weaken our return on equity over time. To prevent this, we must closely examine our existing investments and projects, which we are currently discussing in detail. Without this dialogue, improving our return on equity in the future will be challenging. This review applies not only to new projects but also to the existing elements in our portfolio and business lines, which we are analyzing with greater detail.

When to communicate with the market, is that when you close the financial year? Or is it going to be before that? That's my last question.

So the closing, of course, discussion will deepen and COO, Takahashi-san, assumed position in January and ORIX management strategy that's going to be applied working together with the CEO, Inoue-san. We want to increase the number of opportunities where we can communicate about this with you. And we don't know if there's going to be a midterm announcement or not, we still have to discuss this, to figure it out. But we want to do as much as we can and also share information as early as possible about strengthening of our management of the Company.

Thank you very much. So we have gone over the scheduled time. So we'd like to entertain the next question as the last question. So Otsuka-san from SBI Securities.

This is Otsuka from SBI Securities. I hope you can hear my voice okay.

Yes, we can. Thank you.

I would like to refer to Page 4. In this investment, Greenko's profit was included, and based on the numbers you provided, it appears to be over 100%. Regarding financing and operations, could you share your expectations for achieving this profit forecast in the fourth quarter? Are there any additional deals that could help you increase profits to reach 100% by the end of the year, or do you anticipate falling short? Please provide insight into whether you believe you will meet your plan.

But just as you have shared. As to Greenko, the sales related, the profit based on the asset, so it will allow us to overshoot the initial budget of ours so far as the profit of investment is concerned. So we would, of course, continue to do our best in achieving 100% for each of these categories. But within Finance, China and also the recovery being slow in the United States, for example, would we need to be the factors of uncertainty, especially in Greater China. So we don't try to build the asset just for the sake of achieving these numbers. That would not be the case. So just as been asked by Tsujino-san earlier, especially with regard to renewable energy, we are affected by the spot market pricing. So therefore, we would be making the optimal and appropriate decision whenever proves to be necessary. So we may be affected in a negative way as a result. But if I may repeat myself, so we, of course, continue to do our best in achieving what we have aspired to for the full year. But the investment, of course, the largest contribution would come from Greenko sales. I'm sorry, but I may not be answering to your question in a straight-forward manner, but still.

Thank you. So with this, we'd like to conclude the Q&A session. And I would like to ask Yamamoto to share his closing remarks.

Thank you very much for spending a long time with us, and sorry that we have a short schedule. Midterm plan and the new management, we have received many questions about those as well. So I would like to make sure that this message will be relayed back to the executive management and the Board meeting. And we want to make sure that our disclosures and the message will not suffer because of these changes. Now management is being strengthened within the organization, which means that we don't want to do just what we have done in the past. With regard to the concept about the new management, we want to include Inoue-san and Takahashi-san, maybe separately or together, and increase the number of opportunities to communicate to you. So when such opportunity arises, we hope that you can give us your valuable time to listen to our stories. Thank you very much for your kind participation.

That concludes the third quarter earnings call for ORIX Corporation. We really appreciate you staying until the end of the program. Thank you.