Welcome to ORIX Corporation's Third Quarter Financial Results Conference Call. At this time I would like to turn the call over to your moderator Mr. Chang Wang [ph]. Please go ahead, sir.

Good evening this is [indiscernible] corporate planning [ph] and I would like to welcome you to ORIX conference call to review our third quarter consolidated results for the nine months period end of December 31, 2016. I'm joined here this evening by the Kazuo Kojima, Deputy President and CFO as well as Mr. Shintaro Agata, Head of Treasury Headquarters and Mr. Takao Kato, Head of Accounting Headquarters. During this evening's call I will go through the third quarter results and then we will open up the line to Q&A with Mr. Kojima. I presume that everyone has in front of them the presentation materials that were posted on the IR section of the website this afternoon Tokyo time. The following live broadcast is copyright ORIX. Statement made today may contain forward-looking statements information. Well this information reflects management's current expectation or beliefs you should not place undue reliance on such statements as they are 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 reports filed with 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 statement [indiscernible] consolidated financial results April 1st to December 31, 2016. And without further delay I would like to start the presentation from slide 1. The net income for the nine month period end of December 2016 was ¥217.1 billion a 1% increase year on year. The annualized ROE remained largely unchanged from the first half of this…

[Operator Instructions]. Our first question today comes from [indiscernible].

I have two questions if I may, the first ones on the retail segment. If I understood correctly you mention that as some of the life insurance fixed income investments have matured. You have held those assets in cash presumably that’s due to the interest rate environment. So can you give us an idea of how big that is and how you can still achieve the required return on assets, do you need to buy more equity or can you afford to wait for a while before you need to invest that? That’s the first question. Thank you.

So regarding your first question, you are partially correct since beginning of last year with the negative interest policy the stock of fixed income asset that we sold they were not actually matured asset. They were no investment in the Japanese government bonds that as we sold off before they actually matured and we consider it was the right thing to do. It's great that some of that is getting cash as cash and we did not reinvest immediately because we are currently looking very closely at the interest rate environment and we believe they might be a better timing than now to start reinvesting in other income assets in the future.

Okay, I see. A few months doesn't change, doesn’t be at risk of not making the return requirements.

That’s correct.

The second area if I may is in the overseas business what can you tell us about the [indiscernible] shipping loans in terms of the type of discount you're buying them at maturity duration and what kind of return you expect to achieve on that invest?

Because of the nature of this transaction a lot of the details that are fortunately we cannot disclose but basically one thing we can share with you is after the discount on these assets our own estimation of return was roughly around 7% or so.

[Operator Instructions]. [Indiscernible] 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 very much. As there are no further questions Mr. Kazuo Kojima has final words, message to share with you.

This is Kojima. Thank you for joining today's conference call. Nine months [indiscernible] in the current fiscal year and we have deliveries roughly the same [indiscernible] last few years. While maintaining the ROE of our management target range. I consider this to be a solid performance given the strong end increased this year. While we see the business and government contributing to change at a rapid pace. We were apt, as we adapt and discover potential business and at the same time we will focus on expanding our operation and investment regions and continue our efforts towards our medium term goal by 2018 March. Once again I appreciate your interest and the 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 of this evening's presentation material. Also a replay of this conference call will be available shortly on the ORIX on the website if you joined pathway 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. I hope that we have a chance to meet whether it is in your corner of the world or here in Tokyo.

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