Good evening. This is Haru Yamada, and I would like to welcome you to ORIX conference call to review our third quarter consolidated results for the period ended December 31, 2013. I'm joined here this evening by Mr. Haruyuki Urata, Deputy President and CFO; as well as Mr. Shintaro Agata, Corporate Executive Vice President and Head of the Treasury Headquarters; and Mr. Takao Kato, Corporate Senior Vice President and Head of the Accounting Headquarters. During this evening's call, Mr. Urata will discuss the third quarter results, and then we will open up the lines for Q&A. I presume that everyone has in front of them the presentation materials that were posted on the IR section of the website this afternoon here in Tokyo. The following live broadcast is copyright to ORIX. Statements made today may contain forward-looking information. While this information reflects management's current expectations or beliefs, you should not place undue reliance on such statements as our future results and business activities may be affected by a wide variety of factors that are out of our control. You should read the forward-looking disclaimer in our earnings presentation as it contains additional important disclosures on this topic. You should also consult our reports filed with the SEC for any additional information, including risk factors specific to our business. Also, please note that net income used in this presentation is the same as net income attributable to ORIX Corporation shareholders, referred to in the financial statements, consolidated financial results, April 1 to December 31, 2013. And without further ado, I will turn the call over to Mr. Urata.

Thank you, everyone. Hello, everyone, and thank you very much for your participating in today's conference call announcing ORIX's results for the third comparative period of the fiscal year ending March 31, 2014. My name is Urata, CFO of ORIX. Please turn to Slide 1, where I'd like to start with an overview. Our consolidated third period net income was JPY 118.2 billion or 31% increase compared to net income for the same period over the previous fiscal year of JPY 19.1 billion. ROE was 9% on an annualized basis. We only announced our first half results at the end of October. We revised our full year target upward to JPY 145 billion. We have achieved 82% of the JPY 145 billion at the end of the third quarter. Please note that valuation gain or loss that may be recognized in accordance with the conversion of Daikyo's preferred shares have not been determined at the moment. We would make a separate announcement if there will be a significant impact on our results. The external environment is fertile and [indiscernible] opportunities for ORIX expanding even further. We are in the midst of discussions concerning next fiscal year budgets, and with Mr. Inoue, who is our appointed co-CEO on January 1, as our leader, we are proceeding with discussions with a strong desire to maintain high growth by launching a new class of business that will lead to the near to long-term growth of the ORIX Group. Please turn to Slide 2. Trending segment profits are shown on this slide. The bar chart shows the results for the third consolidated period this year compared with those of the past 2 years. Segment profits increased 32 -- JPY 36.2 billion compared to the same period of the previous fiscal year, driven by the…

[Operator Instructions] Our first question today came from Mr. Rajesh Chaudhary from Odey Asset management.

This is Raj Chaudhary from Odey Asset Management. I wanted to ask, the last time we -- you mentioned that you were looking to reduce your exposure in real estate and benefit from the price gains that we have seen, this seems like a sensible strategy, but it also means that you will be further deleveraging as a business. How long should we expect that to continue before asset growth and other areas increases the leverage ratio?

First of all, as a whole, you see that we are currently the -- property on the increase of the size of the total assets or total operating assets in various areas. Especially, for the last couple of quarters, our Overseas Business have shown the key driver for the expansion of our total operating assets. And -- but regarding the real estate business activity as it's shown in Tokyo, we believe that this is a bigger timing for us to sell the investing portfolio to the market because of the very hot market right now. And -- but at the same time, of course, in the Real Estate businesses, we have been continuously focusing on these business areas as one key area for our future growth. So as I said, as the presentation -- there in the presentation, at the same time, we have already made various new investments together with the overseas investors in some areas. We believe that we can show the -- some differentiations compared with other players. And so again, that in the total, we are trying to increase our leverage right now. And we -- although we have increased our shareholders' equity dramatically recently, but at the same time, we have increased the total operating assets. Therefore, our debt-to-equity ratio has been maintained at that same level, not delevering right now. And going forward, we want to continue to focus on the new business challenges in various areas including the new [indiscernible] types of the acquisition. So in the Real Estate segment, again, we want to continue to decrease our investing portfolio. But furthermore, in other areas, including overseas or in Japan, for the leasing or our long businesses or Retail businesses or mainly the -- much more focused on the new environment or new energy business activities further. Based on that, we believe that we can continue to show you the -- increase our leveling.

Because at the moment, say, compared to the first quarter, you have continued to improve the ROA. But the buildup in equity means that the return on equity has come down slightly. Is that something that the board talks about?

Yes. I'm pleased -- if you could not so much focus on the quarterly basis result. Of course, on a quarterly basis, you can see the -- some success on the ROE. But basically, the -- we want to continue to show the improvement of ROE based on the improved ROA there with the same level or as a -- or higher leverage.

Okay. And I think you mentioned the -- on the Overseas Business in Asia, asset quality has remained okay. So the tighter credit standards that you have put in place are working for the moment? There's no deterioration in emerging markets?

First of all, of course, for a very-short-term view right now, we are very much closely the -- seeing, watching the change of the markets and change on the -- as there as our asset quality, portfolios. First of all, regarding the -- our leasing asset in -- mainly in the Asia [indiscernible], we believe that we can continue to try to expand leasing activities going forward even under the current situations because leasing assets have been very much widely diversified and spread out various clients. And of course, in the various operations, we have to be very careful. For example, this area should be negatively impacted by the current change or the market situations and some [ph]. But as a whole, we believe that we can challenge expansion of our leasing businesses. Of course, in the year, with the new private to equity types of the investment in the various areas, including a flattening investment, recently, the -- and you know that in terms of the pricing, that has been relatively the -- expensive from ROI level. But after the current situation of the market in the world, especially in the emerging markets, we believe that there's going to be the business -- investment opportunities here because of the lower level of the pricing level. So for the time being, for private equity terms of the investment or strategy investment, just for -- we continue to look for the opportunities. But maybe we should much more focus on the U.S.A. areas rather than the Asian or emerging markets. And in a certain period later, we want to end -- try to conclude our current due diligence [ph] in the emerging market areas.

[Operator Instructions] Mr. Yamada, there are no further question today. So at this time, I want to turn the conference back over to you for any additional or closing remarks.

Thank you. If there are no further questions, I would like to take this opportunity to thank you for participating in tonight's conference call. If you have any questions or comments, please do not hesitate to get in touch with us using the contact information found on the last page of this evening's presentation materials. Also, a replay of this conference call will be available shortly on the ORIX IR website if you joined partway through and would like to relisten to certain sections. On behalf of the management and the entire ORIX group, thank you for your participation. I hope that we have the chance to meet, whether it is in your corner of the world or here in Tokyo. Thank you.

Thank you.