Welcome to Orix Corporation’s first quarter financial results conference call. At this time I would like to turn the call over to your moderator Mr. Haru Yamada. Sir, you may begin.

Thank you. Good evening, this is Haruyasu Yamada and I would like to welcome you to ORIX conference call to review our first quarter consolidated results for the period ended June 30, 2014. I am joined here this evening by Mr. Haruyuki Urata, Deputy President and CFO as well as the Mr. Shintaro Agata, Corporate Executive Vice President and Head of the Treasury Headquarters. During this evening’s call Mr. Urata will discuss the first quarter results and then we will open up the lines to Q&A. I presume that everyone has in front of them the presentation material that were posted on the IR section of the website this afternoon here in Tokyo. The following live broadcast is copyrighted work. Statements made today may contain forward-looking information. This information reflects management’s current expectations or belief you should not place undue reliance on such statements as our future results and business activities may be affected by 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 end point disclosures on this topic. You should also consult our reports filed with the SEC for any additional information including risk factors with respect 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, to the consolidated financial results April 1st to June 30, 2014. And without further ado I will turn the call over to Mr. Urata.

Hello everyone and thank you for participating in today’s conference call announcing our results for the first consolidated quarter of the fiscal year ended March 31, 2015. My name is Urata, CFO of Orix Corporation. Please turn to slide one. I would like to start with an overview. Our completed first quarter net income was ¥68.6 million 52% increase year-on-year and 33% against the full year target of ¥210 billion. As a result the ROE are shown by that red line has continued its upward trend surpassing the 10% mark recorded there in the same period over the previous fiscal year to reach 14.2% on annualized basis at the end of the first quarter. All in all the first quarter results have given us a solid start towards achieving a record net income this year. Please turn to slide two, trends in segment profits are shown on this slide. The overall profit growth of the group was strongly driven by the Overseas Business segment as shown in red and the Retail Segment as shown in green. Both of these segments recognize value gains on the sale of shares. Compared to the previous fiscal year the Real Estate segment in purple has almost doubled its profit and Corporate Financial Services segment in orange have achieved double digit growth. On the other hand maintenance Leasing yield also continues to be robust during this quarter. Despite reduced profit compared with the same period over the previous fiscal year the investment and operational segment continued to recognize stable profits. Please turn to slide 3. Next I’d like to explain trending segment assets. Total segment asset decreased by approximately ¥100 billion compared to the end of the previous fiscal year. This decrease was mainly caused by the continued reduction of the Real Estate segment assets…

(Operator Instructions). Our first question today comes from Raj Chaudhary from Odey Asset Management.

Thank you for doing the base profit breakdown in slides 10 and 11, I think those are calculations that many investors will be doing themselves, so, it's very helpful that you do it for us. I had a couple of questions, firstly I wanted to understand in the investment and operation segment when you mentioned the pressure on the loan servicing, is that to do with rates being low or are there some other factors that perhaps you could expand on?

Regarding our servicing business, our investment and operation segment, that is our core - so called non-performing loan businesses. So around 10 years ago here in Japan under the new regulations we have started non-performing loan businesses and for the past couple of years many Japanese banks gave us opportunities to do businesses in the non-performing loan business areas but recently as we see that here in Japan we don’t see any new bigger size of the non-performing loan assets from the banking side. So for the last couple of years we have basically the focus on [death only] [ph] the reduction of our collections existing non-performing loan assets and so basically unfortunately for the last two years under the quite active real estate market situation, we have earned much better revenues profit through the sale of our real estate [inaudible]. But in this segment as you see that we have currently much more want to focus on the private equity investment as well as the environment and new energy business areas that’s the current situation and the strategy in this segment.

So in a way you are suffering from the economy improving, because the NPLs are not being formed at the same rate?

[Inaudible] but on the other side of course under the very good environment of the Japanese economy we can expect more activities in different areas. So in these situations we believe that should be a big difference [inaudible] opportunities here in Tokyo.

Just you highlighted how you have achieved 1/3rd of your guidance, what’s holding you back from raising that guidance?

To be honest our first quarter results are some of the very strong start for target of this fiscal year but as of today we don’t have an idea to change target to upside because there are still three quarters remaining and most probably in the second quarter because of the final ending of the transaction for Hartford Life Insurance acquisition. So during the second quarter we can expect some good financial results again but those -- the first half financial results, basically within our original plan or overview, our forecast. So of course during the first quarter we have shown a very good track record and result but to be honest a little bit better than our original plan for the first quarter but not so big a jump to be honest compared with the original plan.

And so the Robeco performance looks impressive, that was within your plan?

To be honest a little bit better than original plan regarding the results by Robeco.

Okay and just one last one quickly, there is a story today about you issuing a note in the U.S. Would that be a fixed income instrument or more equity, it wasn’t clear?

Are you asking of our U.S. operations, right now?

There is a story about issuing 144A/Reg S dollar note. Is that looking for dollar funding?

We have not fixed any ideas about next opportunity to issue the U.S. bond so still over the year we’re always looking for opportunities. So after various discussions for the future expectations of the U.S. operations or our Europe operations, or maybe the Asian currencies operations we will determine at the final phase. So other than that we have not fixed any ideas about next issuance of the U.S. bond.

Mr. Yamada, there are no further questions today. So at this time I would like 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 material. Also a replay of this conference call will be available shortly on the ORIX IR website if you joined part way through or would like to re-listen to certain sections. On behalf of management and the entire ORIX Group thank you for your attention and participation. I hope that we had a chance to meet whether it is in any corner of the world or here in Tokyo. Thank you.

Thank you.

Thank you. That concludes today’s conference. Thank you for your participation and you may disconnect.