Good evening. This is Chun Yang of ORIX Corporate Planning Department, and I would like to welcome you to ORIX Conference Call to review our first quarter consolidated results for the 3-month period ended June 30, 2016. I'm joined here this evening by Mr. Kazuo Kojima, Deputy President and CFO; as well as Mr. Shintaro Agata, Head of the Treasury Headquarters; and Mr. Takao Kato, Head of the Council Headquarters. During this evening's call, I will go through the first quarter results, and then we will open up the lines to Q&A with Mr. Kojima. I presume that everyone has in front of them the presentation material that were posted on the IR section of the website this afternoon, Tokyo time. 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 activity 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 report filed with the SEC for any additional information, including risk factors specific to our business. Also, please note that the net income used in this presentation is same as the net income attributable to ORIX Corporation shareholders, as referred to in the latest financial statements, titled Consolidated Financial Results April 1 to June 30, 2016. And from here on, I would like to start the presentation from Slide 1 of the presentation material. The net income for the first quarter was JPY 76.8 billion, which was 6% less compared to the same quarter from the previous year. Meanwhile, the…

Our first question today comes from Mr. Harish [indiscernible] from [indiscernible].

Can I ask whether the asset sales in the Real Estate segment, is that just to -- are you making concerted efforts there to increase the pace of sales as a result of, perhaps, an increased conviction that we might be near the top of the market? Or is that -- is it more just a function of the offers that you happen to have received on buildings, et cetera?

Please let me clarify the question. Are you asking whether we are pulling back or refrain from selling our assets?

No, no, whether you're accelerating the Real Estate asset sales.

Yes, I see. Okay. Hang on a second. Thanks for waiting. The answer to your question is, we did not intentionally try to accelerate the sales of those rental properties in the Real Estate segment. They were the result of actual -- well, normal market activities.

Okay. So -- sorry, just to clarify, there's no change in view regarding the Real Estate market. You don't think that it's getting kind of -- your view of the risk in that market hasn't changed?

That's correct. Thank you. If there are no further questions, Mr. Kojima has some final words to share with you.

This is Kojima. With many uncertainties in the external environment and the financial market condition becomingly increasingly challenging, together with Chun Yang, I think the first quarter still showed a relatively solid progress, including a number of new investments that we made. As we continue to work together, our medium-term goal. We will have [indiscernible] with caution and focusing on -- focus on expanding our operation and the investment of businesses. Having said that, I appreciate your interest and continuous support to ORIX until now and also in the future. Thank you.

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 in this evening's presentation material. Also, a replay of this conference call will be available shortly on ORIX IR website if you joined halfway through or would like to listen to certain sections again. On behalf of the management and the entire ORIX Group, thank you for your participation. We -- I hope that we have a chance to meet whether it is in your corner of the world or here in Tokyo.